Ripple Executive Stuart Alderoty Launches Blistering Attack On SEC Chair Gary Gensler

Updated: 17 November 2023

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Ripple’s chief legal officer Stuart Alderoty launched a blistering attack on Securities and Exchange Commission chair Gary Gensler after the top regulator posted a video speech in which he said regulators are ”partners of honest business and prosecutors of dishonesty.”

Alderoty took exception to Gensler’s post on Twitter, and said the top regulator had “prejudged crypto and has filed suit against others without investigation.”

“The SEC is losing in court; being criticized by Judges for shady behaviour; being rebuked by the Gov’t’s internal auditor; hiding info about meetings with a felon; becoming irrelevant on the international stage,” he said.

“Gensler – admitting no fault – has become the insulate Col. Jessup,” he added, referring to villain Colonel Nathan Jessop played by Jack Nicholson in the film A Few Good Men.

As Joseph P. Kennedy, the first @SECGov Chair, once said: "We are not prosecutors of honest business, nor defenders of crookedness. We are partners of honest business & prosecutors of dishonesty. We shall not prejudge, but we shall investigate.”

Check out my recent remarks: pic.twitter.com/QM2zqj8PQs

— Gary Gensler (@GaryGensler) November 16, 2023

Ripple And SEC Embroiled In Legal Battle

In the film, which was originally an Aaron Sorkin stage play, Jessop is ultimately exposed as an arrogant, corrupt official.

Ripple and the SEC have been embroiled in a legal battle after the regulator accused it of the illegal sale of securities.

#Ripple Reality Checks About the #SEC with @s_alderoty #UBRI Connect 2023 pic.twitter.com/nEFmDd7faS

— 707Crypto (@707_crypto) November 15, 2023

Ripple’s had some notable court victories over the regulator recently with a judge ruling that its token, XRP, is not a security when sold to the public, and then again when the SEC dropped charges against Ripple CEO, Brad Garlinghouse, and co-founder, Chris Larsen, over their alleged involvement in the illegal sale of securities.

Ripple called the dropping of charges ”a stunning capitulation” by the regulator.

The SEC is not dropping its case against Ripple though, and said it will confer with the company on the pending issue in the case on ”what remedies are proper against Ripple for its Section 5 violations with respect to its Institutional Sales of XRP.”