Stuart Alderoty Ripples CLO speaks out against SEC

Amid escalating rumors of a potential Ethereum ETF approval, Ripple’s Chief Legal Officer, Stuart Alderoty, has openly criticized SEC Chair Gensler, labeling him a “struggling political liability” and insinuating political motives behind the SEC’s actions.
In a recent statement on May 22, Alderoty expressed his concerns about Gensler’s handling of the situation, accusing him of targeting crypto as an easy scapegoat and eventually overplaying his hand. These remarks come at a time when speculations are rife about the SEC considering the approval of a spot Ethereum ETF, a move that many in the crypto industry believe is an attempt to court favor with voters.
According to Chris Brummer, a law professor and Faculty Director at Georgetown’s Institute of International Economic Law, this situation marks a significant moment where the SEC has become entangled in presidential politics for the first time.
Norman Wooding, the CEO of SCRYPT, a Switzerland-based regulated crypto financial services provider, shared his views with crypto.news, suggesting that the approval of an Ethereum ETF could act as a catalyst for the crypto market, attracting institutional investors and driving capital inflows into Ethereum and other altcoins.
Despite the SEC’s previous reluctance to approve new crypto-related spot ETFs, the buzz surrounding the potential Ethereum ETF approval has intensified. This has further fueled the rivalry between the Biden administration and former president Donald Trump, particularly in light of their differing approaches to crypto regulation.
As the 2024 elections draw near, the clash between Trump’s crypto-friendly stance and Biden’s cautious approach has become a focal point of intense political debate. While the Biden administration has indicated its commitment to uphold the SEC’s regulatory stance on crypto, the pressure from the crypto community is mounting as the SEC gears up to potentially greenlight spot Ethereum ETFs in the near future.
In this charged environment, entrepreneur Mark Cuban has raised concerns that the SEC’s decisions could impact Biden’s chances of re-election, especially as Trump embraces crypto with open arms.