Ripple executive slams SEC chief as a movie villain

Stuart Alderoty slammed Gary Gensler for bad leadership and compared him with Colonel Nathan R. Jessup. 

Stuart Alderoty is chief legal officer at the San Francisco headquartered blockchain firm Ripple. This firm is popular in the financial sector because of its efficient cross-border payment services for small & big businesses. Ripple has had huge legal hurdles in the last 3 years because of a suit by the US Securities and Exchange Commission (SEC).

On 16 Nov 2023, Ripple chief legal officer Alderoty took to X (formerly Twitter) to explain how the SEC chairman Gary Gensler is failing to lead the US financial regulatory body perfectly. 

The Ripple executive noted that the SEC was doing a poor job under Gensler’s leadership. Alderoty compared Gensler to Colonel Nathan R. Jessup from a 1989 stage play and 1992 hit movie A Few Good Men, who became a symbol of institutional indoctrination.

Alderoty noted that the SEC body is losing cases against companies in the court, facing criticism from the court judges for shady behaviour, & he failed to disclose his meetings with suspicious actors. 

The SEC is losing in court; being criticized by Judges for shady behavior; being rebuked by the Gov’t’s internal auditor; hiding info about meetings with a felon; becoming irrelevant on the international stage. Gensler – admitting no fault – has become the insulate Col. Jessep. pic.twitter.com/vqjPPcifr8

— Stuart Alderoty (@s_alderoty) November 16, 2023

In a short tweet, Ripple’s chief legal officer attacked Gensler with all the allegations that the SEC chairman faced over the last couple of years.

Gensler, SBF, & private meeting 

Before the bankruptcy of the top second-ranked crypto exchange FTX, Gensler had a meeting with the FTX’s former CEO Sam Bankman-Fried (SBF). 

So far to date, Gensler failed to disclose why he met SBF in private two times and what was the purpose of that meeting.

At the time, some reports claimed SBF was trying to get some special privileges from the SEC body to run the crypto exchange with more freedom.

Last month, during the court proceedings in the FTX crypto fraud case, it was disclosed that SBF was trying to initiate legal hurdles for the top crypto exchange Binance. The majority of the people imagined that SBF was trying to provide some evidence related to Binance crypto services so that the SEC body could take legal action against Binance and FTX could take the opportunity to earn more user base.

Currently, SBF is in jail and he was found guilty on half a dozen charges in connection with FTX crypto fraud. It is expected that the court judge will rule more than 110+ years of jail punishment for him.

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