Ripple CLO assesses Gary Gensler's future outside the SEC
Ripple CLO assesses Gary Gensler's future outside the SEC
Ripple's Chief Legal Officer, Stuart Alderoti, believes that Securities and Exchange Commission (SEC) Chairman Gary Gensler will not be able to find another job when he leaves office.
Alderoti, responding to a post by Fox Business reporter Eleanor Terrett about Gensler on X (Twitter), cited several reasons that he believes have contributed to the SEC chief's reputation as "persona non grata" with other companies and organizations.
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Terrett wrote that Gensler intends to stay on at the SEC if Joe Biden wins the US presidential election because he enjoys the job.
Alderoti, however, cited four reasons why it is unlikely that any other company will want to see Gary Gensler in their ranks.
The first reason cited by Ripple CLO was the SEC's systematic defeats in court during Gensler's presidency; the second was that SEC lawyers were caught lying to judges; and the third was that the regulator's X (Twitter) account was hacked in the "most embarrassing way." As a fourth reason, Alderoti pointed to Gensler's indirect connection to FTX and Jeffrey Apstein.
Jeffrey Apstein and Bill Gates funded the MIT Media Lab, where Gensler was a Senior Advisor and taught economics with Glenn Ellison, the father of Sam Bankman-Fried's (former FTX executive) girlfriend and Alameda Research co-CEO Caroline Ellison.
The SEC suffered two major court defeats in the summer of 2023, one of which was against Ripple, according to U.Today.
Last June, federal judge Analisa Torres ruled that sales of XRP on secondary markets do not qualify as securities under US law. The ruling dealt a crushing blow to the SEC's reputation and sparked a wave of positive sentiment in the crypto community.
Grayscale later sued the SEC after the regulator failed to accept an application to convert its Bitcoin trust into a spot Bitcoin ETF and won the case.
Now, Gary Gensler is pushing to increase the SEC's budget to $2.4 billion in order to expand the agency's staff by 170 positions, particularly in the cryptocurrency and cybersecurity division.
However, many believe such a move is unwarranted, given recent reports that the regulator's top cryptocurrency lawyers are looking to leave the organization.
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