As Gary Gensler’s tenure as the head of the U.S. Securities and Exchange Commission comes to a close this Friday, Ripple, the San Francisco-based enterprise company associated with the XRP cryptocurrency, is already celebrating his imminent departure.
Stuart Alderoty, chief legal officer at Ripple, took to social media to express his anticipation for Gensler’s exit, stating, “Starting tomorrow, ‘Gary who?’ will be the only appropriate response if someone mentions his name. Onward.”
Despite the SEC filing its opening brief in the ongoing appeal against Ripple earlier this week, Alderoty remains unfazed, dismissing the development as mere “noise” and expressing confidence in the incoming SEC administration to potentially dismiss the lawsuit.
Recent reports suggest that the new SEC leadership may freeze cryptocurrency-related enforcement cases that do not involve fraud, hinting at a potential shift in regulatory approach.
Gary Gensler announced his decision to step down from his role back in late November, stating that serving as the head of the SEC has been “the privilege of a lifetime.”
It has been the privilege of a lifetime to work for you as @SECGov Chair.
Over the last four years, we updated rules in our equity market & Treasury Markets, & shortened the settlement cycle. We returned more than $2.7B to harmed investors.
A quick look at the last four years: pic.twitter.com/gUBfaiURMx
— Gary Gensler (@GaryGensler) January 17, 2025
Gensler, who initially garnered support from the crypto industry upon his appointment in 2021, quickly fell out of favor as the SEC pursued legal action against prominent crypto companies. Ripple CEO Brad Garlinghuse, among others, had expressed support for Gensler’s appointment.
During a recent interview, Gensler downplayed the SEC’s crackdown on the crypto industry, stating that such cases accounted for only 5% of the agency’s law enforcement efforts.