- Ripple’s CLO outlined hurdles Gensler might face in securing a job outside SEC.
- Stuart Alderoty pointed to Gensler’s perceived political toxicity.
- Under Gensler, SEC lawyers misled judges, and the SEC X account was hacked.
Ripple’s Chief Legal Officer (CLO) Stuart Alderoty has outlined significant hurdles U.S. SEC Chair Gary Gensler might face in securing a job outside the regulatory sphere.
Alderoty’s commentary followed a recent interview where Gensler expressed his desire to continue leading the SEC under a potential second term of U.S. President Joe Biden. Fox journalist Eleanor Terrett first called attention to Gensler’s proposition in a post on X.
The SEC’s chairman’s declaration ignited a storm of reactions, with Alderoty questioning Gensler’s employability beyond the SEC. “Who else would hire him,” the Ripple CLO asked, outlining four of Gensler’s “sins” while in office.
Among the criticisms, Alderoty pointed to Gensler’s perceived political toxicity and a string of legal setbacks the SEC has suffered under his leadership. This includes the regulatory body’s losses in high-profile cases against Ripple and Grayscale Investments.
Furthermore, Alderoty pointed out that SEC lawyers had been found to mislead judges during court proceedings, tarnishing the commission’s credibility. Adding to Gensler’s woes, the Ripple chief legal representative referenced the embarrassing incident involving the compromise of the SEC’s official X account.
Specifically, in January, SEC’s X account issued an unauthorized post about approving Bitcoin spot ETFs. The event sent shockwaves through the crypto community, prompting questions about the SEC’s cybersecurity measures and leadership under Gensler.
Alderoty’s fourth point revolved around Gary Gensler’s indirect associations with FTX and Jeffrey Epstein. “His sponsor at MIT quit because of close Epstein ties,” he remarked. Notably, Gensler’s former superior at MTI, Glenn Ellison, is the father of Caroline Ellison, who serves as the co-CEO of Alameda Research, an entity linked to FTX.
Essentially, the fallout from Gensler’s tenure has raised serious doubts about his prospects outside the regulatory arena.
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