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Highlights
- SEC Chairman Gary Gensler attracted criticism from Ripple CLO and lawyer Bill Morgan.
- Ripple CLO exposed Gensler's shortcomings as the SEC Chairman.
- Bill Morgan slammed the SEC and Gensler's approach toward the crypto industry.
Following Ripple’s Chief Legal Officer (CLO) Stuart Alderoty’s scathing critique of SEC Chair Gary Gensler, pro-XRP lawyer Bill Morgan has joined the spree. Morgan took a jibe at Gensler’s leadership at the Securities and Exchange Commission (SEC). Moreover, he criticized Gensler’s approach to crypto.
Ripple CLO & Pro-XRP Lawyer Slam SEC’s Gary Gensler
Morgan, who has been closely monitoring the Ripple vs. SEC lawsuit, didn’t hold back from lashing out at the SEC and Gensler. He noted that the SEC’s cyber unit’s efforts to classify tokens as securities have fallen short, hinting at the Ripple vs. SEC case wherein XRP was under scrutiny. He added, “It’s losing more and more in court. It’s not popular.”
The SEC beefed up its cyber unit to expand enforcement actions against crypto expecting the courts would find tokens are securities. It has lost that battle. It’s losing more and more in court. It’s not getting more jurisdiction over crypto. Enforcement actions are driving… https://t.co/e13KLIZ7ag
— bill morgan (@Belisarius2020) February 10, 2024
Moreover, Morgan’s remarks reflected growing dissatisfaction with the SEC’s approach to crypto regulation. The lawyer even went on to label SEC Chairman Gary Gensler as a “serial liar” when it comes to crypto. In addition, when Gensler admitted that he would “absolutely” continue working for the SEC if Joe Biden wins the 2024 presidential elections, Ripple CLO Stuart Alderoty unleashed fury.
Who else would hire him? He’s politically toxic, he’s a serial loser in the courts, his staff has been caught lying to judges, his agency’s Twitter account was hacked in the most embarrassing way, and his sponsor at MIT quit because of close Epstein ties. Did I miss anything? https://t.co/7lWiB1krpF
— Stuart Alderoty (@s_alderoty) February 9, 2024
Alderoty sarcastically questioned, “Who else would hire him?” Thereafter, he pointed out various controversies surrounding Gensler’s tenure and deemed him “politically toxic.” Moreover, the Ripple CLO labeled him a “serial loser” in the court cases since his “staff has been caught lying to judges.”
Furthermore, Alderoty pinpointed that his agency’s X account was compromised in the “most embarrassing” manner. Meanwhile, he added, “His sponsor at MIT quit because of close Epstein ties.” Alderoty’s outrage also highlighted the widespread discontent with Gensler’s leadership among supporters of Ripple’s XRP.
Also Read: Ripple Reveals Shift In XRP Sales Strategy Before July Win Against SEC
SEC Braces For Massive Exodus
Moreover, recent reports suggest a potential exodus among senior enforcement lawyers from the SEC’s crypto asset and cyber unit. This signals continued dissatisfaction with Gensler’s direction. Multiple resumes from SEC officials have landed on the desks of major law firms, hinting at a significant shake-up within the agency.
Moreover, Fox Journalist Eleanor Terrett revealed that Gensler asked for a massive $2.4 billion budget for the SEC this year. In addition, he requested 170 additional staff positions, which include several prominent positions in its crypto assets and cyber unit. It suggests that the SEC Chairman isn’t leaving any opportunity to maintain the agency’s crackdown on crypto despite impending exodus.
Earlier, expressed his commitment to his role as SEC Chair and said, “I love this job.” Moreover, he emphasized his intention to stay if President Joe Biden secures a second term, according to a report by POLITICO Pro. However, this statement bore the brunt of the Ripple CLO’s outrageous statement that exposed Gensler’s shortcomings as the SEC’s chairperson.
Also Read: XRP Price: Top Analyst Predicts XRP Price Rally To $1.88, Here’s Why
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