Ripple’s Chief Legal Officer, Stuart Alderoty, has taken to X (formerly Twitter) to celebrate Gary Gensler’s resignation as Chairman of the United States Securities and Exchange Commission (SEC). In a mocking statement, Alderoty marked Gensler’s last full day in office, saying that starting tomorrow, the only suitable response to mentioning Gensler’s name would be “Gary who?”
Today marks Gensler’s last full day. Starting tomorrow, ‘Gary who?’ will be the only appropriate response if someone mentions his name. Onward.
— Stuart Alderoty (@s_alderoty) January 17, 2025
Why “Gary Who?”
Alderoty’s remark indicates the strained relationship between Ripple and Gensler’s SEC. Over the past few years, the two parties have been embroiled in a high-profile lawsuit centering on the regulatory status of Ripple’s XRP token.
Gensler’s tenure as SEC Chairman has been marked by a tough stance on crypto regulation, which has drawn criticism from many in the industry. Alderoty’s statement is the latest example of the pushback against Gensler’s policies, which many see as overly restrictive and hostile to innovation.
The celebration of Gensler’s departure is not limited to Alderoty, as several crypto users replied affirmatively to the celebratory tweet. A user said, “I, for one, wish Gensler all the bad luck in the world and will certainly be keeping my ears open for bad traffic reports.” Another added, “I hope Gary goes and lives a private life, and we never see him in a bureaucratic position again.”
Meanwhile, the SEC’s new leadership may feel pressure to create a welcoming environment for crypto, as many in the industry hope for more favorable regulations under the upcoming Trump administration.
As the SEC enters a new era under new leadership, the crypto industry will closely monitor how regulations develop in the coming months and years.
XRP Reacts to Ripple’s Partial Victory
Ripple’s native coin, XRP, has been on a consistent upward trend since a U.S. judge ruled in favor of Ripple, stating that selling XRP to retail investors does not constitute a security sale transaction. This partial victory has significantly fueled XRP’s price surge, which has reached over 500%.
The positive momentum has been sustained, with XRP’s value continuing to climb as it flipped other assets like USDT, SOL, and BNB to secure its position as the third-largest crypto. As the crypto community anticipates the SEC chairman’s departure and Donald Trump’s inauguration, the coin has gained over 30% this week, reaching a peak of $3.38, just shy of its all-time high.
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