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Ripple CLO Names All ‘Sins’ of Gary Gensler as SEC Chief

source-logo  u.today 10 February 2024 10:14, UTC

Ripple’s chief legal officer Stuart Alderoty has taken to the Twitter/X social media network to share his take on the future prospects of the Securities and Exchange Commission chairman Gary Gensler.

Apparently, he believes that there are none should Gensler choose to leave his job at the regulatory agency. He named four “sins” of Gensler as the SEC chairman.

"Who else would hire him?" - here's why

Alderoty responded to a tweet published by a Fox Business journalist Eleanor Terrett about Gensler. Citing “Politico”, she said that Gensler “absolutely plans” to remain in his position at the SEC, should the current US president be re-elected in November this year. “I love this job,” he admitted.

To this, the Ripple CLO responded that he doubts that there is any other company out there that would welcome Gary Gensler as an employee. There are four reasons for this: the SEC under Gary’s leadership keeps losing in courts, SEC lawyers were caught lying to judges, the SEC’s Twitter account was hacked “in the most embarrassing way”.

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

The fourth one was Gensler’s indirect connection to FTX and Jeffrey Upstein: Glenn Ellison, Gensler’s former boss at MTI is the father of SBF’s girlfriend and co-CEO of Alameda Research, Caroline Ellison. Besides, MIT’s Media Lab where Gensler used to be senior advisor & taught economics with Glenn Ellison, was funded by late Upstein.

🚩 Jeffrey Epstein & Bill Gates funded MIT’s Media Lab developing CBDC “Project Hamilton”, while SEC Chair Gensler was the Lab’s senior advisor & taught economics with Glenn Ellison, the father of SBF’s girlfriend and co-CEO of Alameda Research, Caroline Ellison.

— Jane Adams (@iLoveJaneAdams) December 13, 2022

Ripple beats SEC on XRP

In the summer of 2023, the SEC suffered two major failures in court. The first one was against Ripple, when in June federal judge Analisa Torres ruled that XRP sales on the secondary markets were not qualified as securities by the US laws.

That victory pushed the XRP price briefly above the $0.7 high, however, a reverse followed. In the same year, the SEC lost a case against Grayscale – the fund managing giant sued the regulator after it rejected the latter’s filing to convert its Bitcoin Trust into a spot Bitcoin ETF.

In 2023, however, the court made a ruling on this case in favor of Grayscale and on January 11, 2024, the regulator finally approved eleven spot Bitcoin ETFs, including Grayscale’s one. BlackRock and Grayscale later also filed for spot Ethereum ETFs. The decision on those is expected on May 23.