Ripple’s Chief Legal Officer, Stuart Alderoty, has criticized the Chairman of the SEC, Gary Gensler, for his evasive answers during a recent congressional hearing. Alderoty took to Twitter to express his frustration with Gensler’s roundabout responses to questions from Rep. Ritchie Torres. He described Gensler’s evasion tactics as “deafening and damning.”
During the hearing, Rep. Torres asked basic questions about investment contracts, which Gensler struggled to answer directly. This behavior, known as “Fed Speak,” is a common tactic used by officials to provide ambiguous statements while appearing to answer the question. However, Alderoty and others have criticized Gensler for his lack of transparency and his focus on bashing cryptocurrencies and the industry.
This latest testimony has raised concerns about Gensler’s leadership at the SEC, with many considering his actions reckless. Lawsuits against Gensler and the SEC are also mounting, with several financial trade associations suing over a new policy called Private Funds Adviser Rule. Alderoty is among the lawyers who have criticized the agency’s recent moves, with pro-Ripple lawyer John Deaton calling the SEC the biggest threat to retail investors. It seems that Gensler’s evasive answers and questionable decisions have raised doubts about the SEC’s effectiveness and transparency.
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