Ripple Chief Legal Officer Stuart Alderoty believes Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), should recuse himself from voting on future cryptocurrency enforcement cases.
Gensler has recently made claims that all crypto assets except Bitcoin (BTC) are securities, with backers trying to circumvent US regulators and investors expecting profits.
Alderoty quotes Antoniu v. SEC (8th Cir. 1989) in arguing for Gensler’s future layoffs.
“Crypto Attorney PSA: Chairman Gensler has again declared that every cryptocurrency, except BTC, is an unregistered security. He must now recuse himself from voting on any enforcement case raising this issue as it has prejudiced the outcome.”
In the case of Antoniu v. SEC, the US Court of Appeals for the Eighth Circuit found that “due process principles apply to administrative decisions.”
“A fair trial in a fair court is a basic requirement of due process. Justice naturally presupposes the absence of real partiality in the trial of cases. Not only is due process required, but justice must satisfy the appearance of justice.”
The SEC launched a lawsuit against Ripple in December 2020, alleging that the San Francisco payments company sold XRP as an unregistered security for years.
The case remains in federal court, and its outcome could have a significant impact on the future of the crypto sector in the US. Last month, Ripple CEO Brad Garlinghouse said there was no settlement with the SEC.
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