SEC’s Crypto Crackdown Terrible for Democrats: Ripple XRP Exec
Following recent actions by the U.S. financial watchdog, against crypto giants Paxos, and Kraken, Ripple’s Chief Legal Officer, Stuart Aldeorty took aim at Gary Gensler, SEC Chair, on Twitter. He believes that recent crypto-focused attacks could have a negative effect on the Biden administration as well as the Democratic party in general.
Biden Administration In Trouble?
Alderoty comments that over 40 million Americans hold cryptocurrency. The majority are between 18 and 34 years old and come from a variety racial or ethnic backgrounds. This large proportion of citizens with the right to vote may not be in the best interests of the Biden administration. If the sentiment of the market is any indication then the vast majority are unhappy with the way things are going in the crypto space.
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Statistics prove that Alderoty is correct. According to research published last month, approximately 22% of the US adult population, or 46 million, are Bitcoin investors and holders. According to a survey conducted by NBC in March last year, the majority of cryptocurrency enthusiasts are men between the ages 18 and 49. One in five Americans had tried cryptocurrency in some form or another, according to the survey.
Alderoty Calls SEC Chair a Political Liability
Alderoty stated that Gensler is a “political liability” given that he was nominated by President Joe Biden for the position back in 2021. It is possible to assume that such crypto advocates, who feel wronged, and are currently facing sanctions from the SEC, might not support the administration in coming days. The SEC recently directed Kraken, a major crypto exchange, to stop offering crypto staking programs for its retail customers. This was a serious blow for crypto investors in the country.
More than 40 million Americans have crypto. The majority of them are between 18 and 34 years old and are diverse in both race and demographic. This is a lot of votes. Gary Gensler is a political liability.
— Stuart Alderoty (@s_alderoty), February 13, 2023
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Ripple has been involved in a lengthy legal battle with the U.S regulator over the SEC’s anti-crypto stance. The SEC brought charges against Ripple over claims that it had violated securities laws by selling its XRP coins. The price of the XRP token has been on a rollercoaster ride, currently trading at $0.37 according CoinGape’s cryptocurrency market tracker.
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