After Gary Gensler in his latest speech defended his stance on crypto, Ripple CLO Stuart Alderoty has taken to X to criticize him. He staunchly criticized Gensler for attempting to defend his hostility towards the crypto industry for four long years. In the latest X post, he shared-
“Gary Gensler attempting to justify his four-year-long political crusade to destroy crypto by claiming he just continued what Jay Clayton started is like burning down the house and saying, ‘Jay lit the match—I just added the gasoline.’”
Gensler, in his recent speech, stated that when he arrived in 2021, the Commission under Chairman Jay Clayton had already brought some 80 actions, including the Ripple case, against participants in the crypto markets that were not following the common-sense rules of the road.
Gensler Faces Widespread Criticism
Notably, 18 US state attorney generals have filed a lawsuit accusing the SEC of a constitutional overreach in crypto regulation. In a previous post, he had voiced that Gensler’s institutional damage to the SEC runs deep. He had also written that his legacy of undermining American innovation and failing to uphold the law is shameful. “With 18 states suing to hold him accountable, I look forward to him soon becoming an unfortunate footnote in SEC history,” the CLO Shared.
With rising speculations about Gensler resigning the position of SEC chair, Gensler has also hinted in the speech that he would likely resign soon. Individuals like former SEC official John Reed Stark have called on Gensler to resign since Trump won the US presidential elections.
Notably, Tyler Winklevoss recently called Gensler ‘evil’ noting that he should never again have a position of influence, power, or consequence. He had also voiced that Gensler has caused irreversible damage to the crypto industry and the country.
Pro-crypto SEC Chair Soon?
However, with a much anticipated Trump win, there will soon be favorable crypto regulations in place. Eleanor Terett in a latest X post has shared that according to sources close to the transition team, the new SEC chair will be pro-crypto and the nominee will also have to be well-equipped to handle all the other issues under the SEC’s purview — public companies, the stock market, the bond market, private funds, the consolidated audit trail (CAT), etc.
Further, she also cited sources who told Fox Business that the Trump administration is looking to give more responsibility to the CFTC when it comes to crypto. She noted that while It’s unclear how that would be done at this point in time, it would require much more funding than the CFTC currently has.
Who Will Replace Gary Gensler?
According to a CNBC report, Robinhood CLO Dan Gallagher and other candidates including SEC Commissioner Mark Uyeda, and others could replace him. In addition, other possible candidates are Hester Pierce, former CFTC Chairman Heath Tarbert, and SEC Commissioner Paul Atkins. Richard Farley and Robert Stebbins are also among the potential contenders. Rob Stebbins, a corporate lawyer at the New York law firm Willkie Farr & Gallagher LLP, has become a top contender on the increasingly short list for the next SEC Chair.
