Ripple’s Chief Legal Officer Stuart Alderoty recently sparked speculations around the U.S. Securities and Exchange Commission’s (SEC) impending exodus. He contemplated if the lawyers associated with the crypto asset and cyber unit of the SEC were willing to blow the whistle.
Ripple CLO Sparks Speculations Around SEC’s Exodus
The Ripple CLO has repeatedly bashed SEC Chair Gary Gensler’s “controversial leadership” and didn’t miss an opportunity to do so when an exodus was rumored. Alderoty took to X and questioned if any of the SEC lawyers were “brave enough to blow the whistle” against Gensler.
Moreover, he seemed intrigued to know if they would “share details about Gensler’s ‘controversial leadership’ with the SEC’s Office of Inspector General or with the House Committee on Oversight and Accountability?” While this could sound like a genuine question to some, it could be a strategy employed by the Ripple CLO to encourage whistleblowing against Gensler.
Moreover, the statement itself has raised concerns and the XRP community has been siding with Alderoty, extending resentment toward Gensler. Alderoty’s response comes after recent reports indicated a potential exodus among senior enforcement lawyers from the SEC’s crypto asset and cyber unit, signaling ongoing dissatisfaction with Gensler’s leadership. Numerous resumes from SEC officials have surfaced at major law firms, suggesting a significant shake-up within the agency.
Additionally, Fox Journalist Eleanor Terrett has revealed that Gensler is seeking a substantial $2.4 billion budget for the SEC this year. Alongside this request, he is also asking for 170 additional staff positions, including several key roles within the crypto assets and cyber unit. This underscores Gensler’s determination to uphold the agency’s crackdown on crypto despite the impending departure of key personnel.
SEC Chair Gary Gensler Under Heat
When Gensler stated that he would resume office if President Joe Biden wins the 2024 elections, Alderoty sarcastically queried, “Who else would hire him?” Moreover, he proceeded to highlight numerous controversies surrounding Gensler’s tenure, branding him as “politically toxic.” The Ripple CLO went on to denounce him as a “serial loser” in court cases, citing instances where his staff had been caught lying to judges.
Additionally, Alderoty pointed out the embarrassing compromise of his agency’s X account, describing it as a significant mishap. He also noted, “His sponsor at MIT quit because of close Epstein ties,” further underscoring concerns surrounding Gensler’s associations. Alderoty’s frustration was evident as he emphasized the widespread discontent among Ripple‘s XRP supporters with Gensler’s leadership, indicating a significant lack of confidence in his abilities.