Ripple CLO Stuart Alderoty ridicules Gary Gensler’s departure from the Securities and Exchange Commission (SEC).
Cryptocurrency traders are bidding their farewells to Gensler on his last day as the Securities and Exchange Commission (SEC) Chairman. In a post on X, Stuart Alderoty, Chief Legal Officer of Ripple Labs, remarked that Gary would assume an inconsequential role beginning Saturday.
Gary Gensler formally ended his tenure as Chair of the U.S. Securities and Exchange Commission (SEC) on Friday.
At the same time, the price of XRP experiences an upward trajectory fueled by optimistic market patterns, favorable legal developments, and anticipation surrounding exchange-traded funds (ETFs).
Stuart Alderoty Comments On Gary Gensler’s Last Day as US SEC Chair
In a post on X, Stuart Alderoty, Ripple CLO, ridiculed Gary Gensler’s departure from the SEC. He observed that the cryptocurrency industry would shortly ask, “Who is Gary?” Alderoty’s remarks arise in the context of Ripple’s protracted legal dispute with the Securities and Exchange Commission (SEC), which commenced in 2020.
The Securities and Exchange Commission (SEC) has asserted that Ripple engaged in the sale of XRP as an unlicensed security, a contention that the company has refuted.
Notwithstanding the XRP company’s partial judicial victory in 2023, the presiding judge determined that sales of XRP to retail investors did not contravene securities legislation. Nonetheless, the United States Securities and Exchange Commission has appealed against the decision, thereby extending the uncertainty surrounding Ripple and the broader cryptocurrency sector.
Recent reports concerning the XRP lawsuit indicate that the U.S. Securities and Exchange Commission (SEC) has submitted an appeal contesting the district court’s 2023 determination that XRP does not qualify as a security. The Securities and Exchange Commission (SEC) claimed that all transactions involving XRP, including programmed sales to retail investors, meet the criteria of investment contracts.
Gary Gensler’s tenure as Chair of the Securities and Exchange Commission is characterized by a vigorous strategy regulating cryptocurrency. Under his stewardship, the Securities and Exchange Commission (SEC) commenced more than 80 legal actions against cryptocurrency firms, including notable entities such as Coinbase, Uniswap, and Ripple.
Notwithstanding the controversies, Gensler asserted that enforcing cryptocurrency regulations constituted merely a minor segment of the SEC’s operations. Proponents of his administration emphasized initiatives aimed at safeguarding investors and ensuring adherence to regulatory standards within the financial sector. The former Chair of the United States Securities and Exchange Commission disseminated a video on X, in which he contemplated his four-year tenure in office.
Gary Gensler Exit; Impact On XRP Price
The price of XRP experienced a drop close to its all-time high as the cryptocurrency market celebrated Gary Gensler’s final day in office as the Chairman of the Securities and Exchange Commission (SEC). Ripple traded at $3.25 on Friday, down from its all-time high of $3.4.
The weekly chart indicates that the price of Ripple has experienced a significant bullish breakout this week. It surpassed the previous year’s peak of $2.90. This was a significant breakout, as evidenced by the optimistic pennant chart pattern. A pennant consists of a vertical line with a triangular configuration.
