A heated debate has been stirred by Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, as he labeled SEC Commissioner Caroline Crenshaw “more rogue than Gensler.” The remarks come as the Housing and Urban Affairs Committee prepares to vote on Crenshaw’s continued role as an SEC commissioner.
Ripple’s CLO Takes Aim at SEC’s Crenshaw
The critique of Commissioner Crenshaw was made public through a post by Stuart Alderoty. It was suggested that her regulatory stance is even more stringent than that of outgoing SEC Chair Gary Gensler.
Alderoty highlighted that Gensler eventually conceded after a court ruled the blocking of Bitcoin spot Exchange-Traded Funds (ETFs) as “arbitrary and capricious.” However, Crenshaw’s dissenting votes, where she argued the court’s decision was incorrect, were criticized by Ripple’s CLO. He emphasized that unelected officials must not operate above the law.
XRP and Bitcoin ETFs Dominate Market Trends
The launch of Bitcoin spot ETFs has been a significant market development. Over 1.1 million BTC have been accumulated by these ETFs, surpassing the holdings of Bitcoin’s mysterious creator, Satoshi Nakamoto.
Among these ETFs, BlackRock’s iShares Bitcoin Trust leads with holdings valued at $51.5 billion, equivalent to nearly 528,000 BTC. Other notable ETFs, including Grayscale’s Bitcoin Trust (GBTC), collectively hold significant amounts, further solidifying their market presence.
Crypto Lobbying Groups Oppose Crenshaw’s Re-Nomination
Crenshaw’s re-nomination to the SEC has drawn opposition from crypto advocacy groups. Organizations like the Blockchain Association have called on lawmakers to reject her, citing her anti-crypto stance as a concern.
These groups argue that Crenshaw’s views are misaligned with Congress’s previous approach to crypto regulation. They have urged the Senate to nominate leaders who will collaborate with Congress to establish fair and balanced regulations.
Related Article: XRP Rises 300% in 30 Days: Key Indicator Suggests Another Move
Divided Opinions Among Senators
The Senate Banking Committee remains divided on Crenshaw’s nomination. While outgoing Chair Sherrod Brown has supported stricter regulations for the crypto sector, Republican Senator Tim Scott has opposed pending nominations under President Biden.
As Crenshaw is poised to become the SEC’s only Democratic commissioner, her comments labeling the crypto market as a “petri dish of fraud” have intensified the debate.
Crypto Market Outlook
Despite regulatory challenges, the crypto market continues to experience notable growth. Bitcoin’s price has surged 130% year-to-date, trading at an average of $97,617, with an all-time high of $103,900 achieved recently.
The global crypto market cap currently stands at $3.45 trillion, with a 24-hour trading volume of $276 billion.
The debate over Caroline Crenshaw’s nomination and Ripple’s legal tussle with the SEC reflect the ongoing tensions in crypto regulation. While the market shows resilience, calls for balanced oversight are expected to grow louder as the industry seeks clarity.
