Gary

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<p>Stuart Alderoty, Ripple’s general counsel, <a href="https://twitter.com/s_alderoty/status/1706820330348814584" rel="noopener noreferrer nofollow">has expressed concerns</a> over SEC Chairman Gary Gensler’s upcoming Congressional testimony on cryptocurrencies.&nbsp;</p> 
<p>The advanced disclosure of the Chairman’s statements portrays crypto assets primarily as securities.</p> 
<p>Alderoty refutes Gensler’s assertion, accusing him of intending to lie to Congress. The lawyer cites <a href="https://u.today/xrp-case-sec-lost-on-everything-that-was-important-says-ripple-cofounder" rel="noopener noreferrer nofollow">a July decision</a> from the Ripple case, which did not recognize secondary XRP sales as investment contrast.&nbsp;</p> 
<h2 id="gensler-s-testimony">Gensler’s testimony</h2> 
<p>Gensler’s <a href="https://t.co/3dOL6B66Kf" rel="noopener noreferrer nofollow">pre-released testimony</a> suggests a firm stance on most crypto assets meeting the “investment contract” criterion set by securities law.&nbsp;</p> 
<p>He stated that investors and issuers in crypto asset securities markets are equally deserving of the protections afforded by securities laws, implying comprehensive compliance with these laws by crypto intermediaries.&nbsp;</p> 
<p>However, Gensler avoided commenting on active litigation, focusing on the applicability of existing rules and proposals to increase safeguarding in trading platforms and investment advisories dealing with crypto assets.&nbsp;</p> 
<p>Despite the implied broad sweep of securities laws over crypto tokens, he did not expressly prejudge any individual token.</p> 
<h2 id="alderoty-s-critiques-of-gensler-s-approach">Alderoty’s critiques of Gensler’s approach</h2> 
<p>Alderoty has been a vocal critic of Gensler’s views in the past, even <a href="https://u.today/top-ripple-lawyer-likens-gensler-to-flat-earther-in-stinging-crypto-critique" rel="noopener noreferrer nofollow">likening</a> the SEC Chairman to a “flat-earther” for his alleged misunderstanding of the cryptocurrency industry. He also previously <a href="https://u.today/ripples-general-counsel-takes-aim-at-gensler-after-his-supreme-court-remark" rel="noopener noreferrer nofollow">accused</a> Gensler of not fully understanding the law, pointing to misstatements made before the U.S. Senate Banking Committee regarding the criteria used by the Supreme Court to determine whether a token is an unregistered security.</p>

Ripple's Top Lawyer Raises Concerns Over Gensler’s Crypto Testimony

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