XRP Advocate Throws Shade At SEC Chair Gensler In Ripple

After Ripple’s Chief Legal Officer, Stuart Alderoty, delivered a harsh criticism of SEC Chair Gary Gensler, pro-XRP lawyer Bill Morgan has also joined the chorus. Morgan took a dig at Gensler’s leadership at the Securities and Exchange Commission (SEC) and expressed disapproval of Gensler’s approach to the crypto industry.

Morgan, who has been diligently observing the legal battle between Ripple and the SEC, didn’t hesitate to criticize the SEC and Gensler. He pointed out that the SEC’s attempts through its cyber unit to categorize tokens as securities have proven inadequate, alluding to the XRP scrutiny in the Ripple vs. SEC case. He further commented, “Its standing in court is diminishing, and public opinion is not in its favor.”

Furthermore, Morgan expressed an increasing discontent with the SEC’s handling of cryptocurrency regulation. The attorney went as far as to brand SEC Chairman Gary Gensler as a “serial liar” in relation to crypto matters.

Additionally, Ripple Chief Legal Officer Stuart Alderoty erupted in anger when Gensler acknowledged his intention to persist in working for the SEC in the event of Joe Biden’s victory in the 2024 presidential elections.

Gensler’s Ambitious SEC Budget Draws Scrutiny

However, Alderoty cynically inquired, “Is there anyone else willing to employ him?” Subsequently, he highlighted several controversies during Gensler’s term and characterized him as “politically hazardous.” Additionally, the Ripple Chief Legal Officer branded him a “repeatedly unsuccessful” figure in court battles, attributing this to his staff being caught providing false information to judges.

Additionally, Alderoty highlighted that the compromise of his agency’s X account occurred in a particularly embarrassing manner. He also mentioned, “His sponsor at MIT resigned due to significant ties with Epstein.” Alderoty’s strong reaction underscored the widespread dissatisfaction with Gensler’s leadership among Ripple’s XRP supporters.

Furthermore, Fox Journalist Eleanor Terrett disclosed that Gensler has proposed a substantial $2.4 billion budget for the SEC this year. Additionally, he has sought approval for 170 extra staff positions, encompassing key roles within the crypto assets and cyber unit. This indicates that the SEC Chairman is actively pursuing every avenue to sustain the agency’s vigilance on crypto, undeterred by the looming exodus.

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