Ripple’s Legal Battle: Attorney Claims Weaknesses in SEC’s Approach

Ripple‘s top lawyer and chief legal officer (CLO) Stuart Alderoty has recently criticized the United States Securities and Exchange Commission’s (SEC) chairman Gary Gensler, due to his resistant nature while comparing him to a fictional character from a 1990 classic.

Ripple’s Top Lawyer Criticism Of Gary Gensler

On Thursday, November 16, Attorney Stuart Alderoty took to X (formerly Twitter) to share his criticism of the SEC’s chairman. The lawyer was seen comparing Gensler to a fictional character known as Colonel Nathan Roy Jessup, from Aaron Sorkin’s renowned play ‘A Few Good Men.

According to Stuart, the SEC’s chairman has become the insulate Colonel Jessup due to Gensler’s failure in admitting to fault. The comparison also highlights that Gensler is stubborn and resistant to facing criticism.

The post read:

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.

The Ripple’s top lawyer’s recent criticism was fueled by recent actions of Gensler in courtrooms, public appearances, and parliamentary appearances. Despite his criticism, Gensler still remains strong to take on advocates of cryptocurrency and is unwavering in his position, much like Col. Jessup.

So far, Pro-Ripple Lawyer John E. Deaton has weighed in on Alderoty’s comparison post sharing his displeasure with the comparison. According to Deaton, Stuart’s comparison is inadequate as he believes Col. Jessup is way more appealing than Gensler. “Disagree. Col. Jessep was way more likable,” Deaton stated.

Deaton’s suggestions seem to have been adequate as Alderoty later apologized for his comparison. “And apologies to Col. Jessep for that comparison,” Alderoty stated.

In response to the post, another X user also highlighted that Gensler is incomparable while mocking the chairman. According to him, the only person that deserves this comparison is Gensler’s twin.

“Low blow… only person that deserves to be compared to Gary… is his twin,” the user stated.

The SEC’s Chairman Is Not Going Down Without A Fight

Alderoty’s criticism came in the thick of growing hostilities between the SEC and the cryptocurrency industry. Representative Tom Emmer has suggested cutting down the SEC’s jurisdiction over cryptocurrencies until regulations from Congress are established.

He also outlined several areas of Gensler’s character that have come under investigation. These include dishonest conduct, audit reports from the government, private gatherings, and a waning worldwide impact.

Related Reading: Ripple Vs. SEC: Here’s Why This Pro-XRP Attorney Believes A $770 Million Disgorgement Is Unlikely

Gensler was accused of concentrating power at the expense of Americans’ financial chances during a recent testimony before the House Financial Services Committee. However, Gensler compared the current state of affairs to the 1920s, before regulations were made present, and he supported the SEC’s objective stance toward technology. 

Additionally, the SEC’s chairman also emphasized the necessity for careful compliance in the cryptocurrency sector. This shows Gensler is not going down without a fight.