Ripple CLO Stuart Alderoty And XRP Lawyers Mock SEC Chair Gary Gensler
Ripple chief legal officer (CLO) Stuart Alderoty is not leaving any chance to take a dig at the SEC and Chair Gary Gensler, following Coinbase CLO Paul Grewal’s approach to mock the SEC and Gensler for mistakes that impacted the crypto industry. XRP lawyers including John Deaton also joined executives to mock Gary Gensler.
Ripple CLO and XRP Community Take a Dig At Gary Gensler
Ripple CLO on November 2 shared a WSJ opinion piece saying “Is Gary Gensler ever going to win a case?” It follows as the Fifth Circuit Court of Appeals handed Gary Gensler another legal defeat by criticizing the agency’s stock-buyback rule in the U.S. Chamber of Commerce v. SEC lawsuit.
The SEC has continuously violated the Administrative Procedure Act, with federal judges now saying the SEC has acted arbitrarily and capriciously. Grayscale for months argued that the SEC’a denying GBTC’s conversion to spot Bitcoin ETF is a violation of the APA and the Exchange Act.
Coinbase’s CLO Paul Grewal said:
“Before it was the DC Cir. in Grayscale. Now it’s the 5th Cir. in a challenge to its stock buyback disclosure rule. Again and again, federal courts of appeal hold that the SEC acted arbitrarily and capriciously in violation of the Administrative Procedure Act. The third branch remains our last, best hope.”
Recently, the Government Accountability Office (GAO) revealed that the SAB 121 rule by the U.S. SEC was drafted with no input from regulators and the public, which is in violation with the APA and the Congressional Review Act.
Also Read: EDX Markets Drops Bitcoin Cash (BCH) Amid XRP Listing Speculations
XRP Lawyers John Deaton and Bill Morgan React
Pro-XRP lawyers John Deaton and Bill Morgan also reacted to the SEC and Gensler’s losing streak. Deaton urges the Commissioners to act as leaders and not political operatives, as the SEC losing its credibility.
In addition, he also requested the Financial Services Committee to issue a subpoena, saying that “FSC fails to issue a subpoena while hundreds of American entrepreneurs are receiving them from Gary.”
Bill Morgan also said, “It is all political and all motivated by a political agenda.” He believes the SEC must stop bullying the crypto industry.
Also Read: Crypto Market Rally: BitMEX’s Arthur Hayes Explains Why “It’s Time To Pump” Bitcoin
- Is Trump Family, Mr. Beast Buying ASTER Token? Rumors Gain Strength
- Solana ETF Update: Grayscale, Fidelity, Others Files S-1 With Staking, Approval Expected in Two Weeks
- Cyber Hornet Seeks SEC Nod for S&P 500 and XRP ETF
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
