Ripple's s_alderoty wants SECGov chair to be held accountable
, he accused Gary Gensler of prejudging that every digital asset is a security and, as such, he needs to recuse himself from enforcement actions related to the nascent asset class.
In buttressing his point, Chervinsky noted that every enforcement action initiated by the market regulator must follow the Wells Process. Here, cases brought on by the staff of the SEC must be impartially assessed by the commissioners, who are meant to be neutral. Chervinsky posited that, as a senior official, Gensler is far from being a neutral arbiter, as he has regularly christened all cryptocurrencies besides Bitcoin as securities.
Many industry insiders, including Chervinsky, believe the position taken by the SEC chair is wrong and that the top regulator is unwilling to engage himself in the careful analysis that is required to determine whether each asset in the crypto industry is a security or not.
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