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Ripple’s General Counsel Takes Aim at Gensler After His Supreme Court Remark

Ripple’s General Counsel Takes Aim at Gensler After His Supreme Court Remark

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Ripple’s Stuart Alderoty took a dig at SEC Chairman Gary Gensler following the latter’s testimony to the US Senate Banking Committee

Stuart Alderoty, Ripple’s general counsel, took aim at the chairman of the US Securities and Exchange Commission after he falsely stated that the Supreme Court’s test has been set to determine whether a token is an unregistered security or not.

“Was it intentional or does he really not know the law? Which is worse?” Alderoty tweeted.

On Thursday, Gensler appeared before the US Senate Banking Committee to defend the agency’s somewhat controversial stance on cryptocurrency regulation.

In an exchange with cryptocurrency-friendly Sen. Pat Toomey (R-PA), Gensler noted that there is no single spectrum for decentralization, as there are many factors to consider.

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Referring to the Supreme Court, the head of the SEC says that it is about the middle developers, regardless of whether the token is on thousands of computers or not.

That is not what the Supreme Court is looking at. It’s not about having the brand on a thousand computers. It’s about the developer group in the middle.

Earlier this month, Alderoty criticized the SEC for its alleged attempt to stage a “political coup” with its approach to cryptocurrencies after Gensler dismissed the idea that crypto requires special rules.

Ripple has been at odds with the SEC for years after the company was sued for violating securities laws by selling XRP.

Earlier this week, the SEC finally archived its motion for summary judgment against Ripple’s defendants, meaning the lawsuit is closer to a resolution.

Source: https://u.today/ripples-general-counsel-takes-aim-at-gensler-after-his-supreme-court-remark



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