Stuart Alderoty, Ripple’s chief legal officer, recently highlighted the company’s contributions to the cryptocurrency industry’s “victory” against the U.S. Securities and Exchange Commission (SEC).
“Victory has a thousand fathers, but make no mistake. The courage of Brad and Chris, and the resilience and expertise of Ripple Team Legal (most of whom are nameless and never sought the Twitter spotlight) paved the way,” Alderoty said in his social media post.
Alderory argues that the San Francisco-based blockchain firm has provided the “blueprint” for defeating SEC Chair Gary Gensler, who has emerged as the main nemesis of the industry due to his aggressive “regulation by enforcement” approach.
As reported by U.Today, the cryptocurrency industry, including the top Ripple bosses, recently celebrated Gensler’s upcoming departure. The controversial SEC boss has confirmed that he is going to leave the agency on Jan. 20. Commissioner Lizárraga, who has anti-crypto views, has also announced his resignation.
Paul Atkins, a former SEC Commissioner, recently emerged as the top contender to replace Gensler, according to betting market Kalshi. Robinhood CLO Dan Gallagher, the previous frontrunner, exited the race earlier this week.
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The next head of the SEC is expected to make a U-turn on crypto, adopting a friendlier stance.
Earlier this week, Alderoty published his wishlist for the next SEC boss. It includes ending all non-fraud crypto cases, collaborating with Congress on crafting clear crypto rules, and guaranteeing “accountability.”