The crypto community has reacted to the departure of Gary Gensler as Chairman of the U.S. Securities and Exchange Commission (SEC). Stuart Alderoty, Chief Legal Officer (CLO) at Ripple, took a jab at Gensler in a post on X, suggesting that his presence in discussions about the SEC would become irrelevant.
Gensler's last day in the role was on Friday, and his successor has yet to be officially announced. However, rumors have circulated that SEC Commissioner Caroline Crenshaw is being considered for the position.
Gary Gensler's Last Day as US SEC Chair: Ripple CLO Stuart Alderoty Comments
Stuart Alderoty, CLO at Ripple, shared a post on X commenting on the departure of Gary Gensler as Chairman of the U.S. Securities and Exchange Commission (SEC).
In the post, Alderoty suggested that starting Saturday, Gensler would no longer hold relevance in discussions surrounding the US SEC. The full statement from Stuart Alderoty on Gary Gensler's last day as SEC Chair can be found below:
Gensler's tenure at the SEC was marked by an aggressive approach to regulating the crypto industry. Under his leadership, the SEC initiated over 80 lawsuits against crypto companies, including prominent names such as Coinbase, Uniswap, and Ripple.
Gary Gensler's Legacy and Successor at the US SEC
Gensler's departure comes as the SEC is engaged in a legal battle with Ripple over the alleged sale of XRP as an unregistered security. The SEC has appealed a 2023 decision by a judge who ruled that XRP sales to retail investors did not violate securities laws.
In recent reports, the SEC filed an appeal against the district court's 2023 ruling on XRP. The SEC maintains that all XRP transactions, including programmatic sales to retail investors, are investment contracts under the Howey Test.
Gary Gensler's legacy as SEC Chair is up for debate, with some criticizing his heavy-handed approach to crypto regulation and others praising his efforts to protect investors. His successor will face the challenge of continuing the SEC's mandate while navigating the rapidly evolving landscape of financial technology.
