Ripple Legal Counsel Stuart Alderoty commented on another statement by Gary Gensler.
Ripple Legal Counsel Stuart Alderoty on Twitter commented on another statement by Gary Gensler. In a statement, SEC chief Gary Gensler argued that nearly 10,000 tokens in the crypto market are securities, and offers and sales of these thousands of crypto security tokens are covered under the securities laws. He also quoted Joseph Kennedy, the first Chairman of the SEC, at the beginning of his statement:
No honest business need fear the SEC.
Stuart Alderoty replied to this:
Another famous quote from Joseph Kennedy: «I wanted power. I thought money would give me power and so I made money, only to discover that it was politics–not money–that really gave a man power».
He also added:
Make no mistake, this is a political power grab (it’s not the law and it’s not good policy) and it’s at your expense.