Ripple Executives Mock Demoted SEC Lawyer Jorge Tenreiro
Ripple executives have recently taken jabs at Jorge Tenreiro, the demoted lawyer from the U.S. Securities and Exchange Commission (SEC) who was leading the agency’s crypto enforcement efforts.
Mockery from Ripple Executives
David Schwartz, the chief technology officer at Ripple, sarcastically predicted that Tenreiro might find a new career as a movie critic. Stuart Alderoty, Ripple’s top lawyer, humorously mentioned that Tenreiro had been reassigned to Macrodata Refinement, a department with seemingly pointless tasks in the popular TV show “Severance.”
Ripple CEO Brad Garlinghouse also joined in on the banter, suggesting that Tenreiro could consider working for the tech support team at Best Buy. “I guess he could try Geek Squad next?” Garlinghouse joked.
Unfair Demotion and Reassignment
Recent reports from the New York Times and the Wall Street Journal revealed that the SEC was scaling back its crypto enforcement unit, leading to Tenreiro’s demotion. The move was described as an “unfair demotion,” especially considering Tenreiro’s previous role as the Chief Litigation Counsel at the SEC.
Tenreiro, a Yale Law School graduate who joined the SEC in 2013, was leading important cases against Ripple and Coinbase before his reassignment.
Changes in SEC’s Crypto Policy
The recent changes in the SEC’s crypto policy, including the removal of the SAB 121 rule and the establishment of a crypto-focused task force, are part of the new administration’s efforts to create clear regulations for the industry.
Despite these changes, the fate of ongoing crypto enforcement cases, such as the appeal against Ripple, remains uncertain. It will be interesting to see how the SEC proceeds with these cases under the new leadership.