Following Gary Gensler’s speech reiterating the authority of the U.S. Securities and Exchange Commission, Ripple’s lawyer and several members of the crypto community responded by criticizing the SEC chairman and claiming that the commissioner’s words contradict his actions.
On November 16, SEC Chairman Gary Gensler shared a video of his speech at the 2023 Securities Enforcement Forum. In his speech, he drew attention to the words of Joseph P. Kennedy, the first president of the SEC, that it should be a government agency. “Partner of honest operators and prosecutors of fraud”.
As Joseph P. Kennedy, the first @SECGovern The president once said: “We are not prosecutors of honest business, nor defenders of crookedness. We are partners in honest business and prosecutors of fraud. We will not prejudge, but we will investigate.”
Check out my final words: pic.twitter.com/QM2zqj8PQs
— Gary Gensler (@GaryGensler) 16 November 2023
According to Alderoty, the SEC Chairman’s latest statements should be verified and Gensler’s “Cryptocurrencies are approached with prejudice, lawsuits are filed without investigation”. The lawyer then concluded: “The SEC loses in court; is criticized by judges for questionable behavior; is reprimanded by the government’s internal auditor; withholds information about an encounter with a criminal; becomes irrelevant on the international stage. Gensler became Colonel Jessep – who admitted no fault of his own.”
SEC loses in court; being criticized by Judges for questionable behavior; getting scolded by the government’s internal auditor; withholding information about meetings with a criminal; is losing its importance on the international stage. Gensler – admitting no fault of his own – became the insulating Colonel Jessep. pic.twitter.com/vqjPPcifr8
— Stuart Alderoty (@s_alderoty) 16 November 2023
Besides Alderoty, several members of the crypto community also responded to the video Gensler shared. Erik Voorhees, founder and CEO of trading platform ShapeShift, responded to the tweet by claiming that he had sued Gensler’s “honest business” twice.
Meanwhile, a community member responded to Gensler’s remarks, stating that what he was quoting was “vision”; but user X claimed that it was It got worseHe accuses the SEC of facilitating the “legitimizing of a corrupt system.”
Translation by Walter Rizzo