In light of recent actions taken by the U.S. financial watchdog against crypto giants Paxos and Kraken, Ripple’s Chief Legal Officer, Stuart Aldeorty, took a jab at SEC Chair Gary Gensler on Twitter. In his opinion, the recent crypto-focused attacks could have an adverse effect on the Biden administration and the Democratic party as a whole.

Biden Administration In Trouble?

With crypto crackdowns taking place left, right and center in the United States, Alderoty remarks that there are over 40 million people in the country who hold cryptocurrency, the majority of whom are between the ages of 18 and 34 and come from a variety of racial and ethnic backgrounds. The fact that this constitutes a large portion of citizens who have the right to vote might not end up being beneficial for the Biden administration. Additionally, if the sentiment of the market is any indication, then the vast majority of people are disgruntled with the way things are shaping up in the overall crypto space.

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The statistical data point to the fact that Alderoty’s assertions are in fact true. According to research that was published last month, around 22% of the adult population in the United States, or 46 million people, are investors and holders of Bitcoin. Moreover, the majority of cryptocurrency enthusiasts are males between the ages of 18 and 49, as per a survey that was conducted by NBC in March of last year. The survey also found that one in every five Americans had experimented with cryptocurrencies in some way or the other.

Alderoty Calls SEC Chair Political Liability

In light of these statistics, Alderoty opined that Gensler appears to be a “political liability”, given that he was nominated for the position by President Joe Biden back in 2021. Therefore, an assumption can be made that such crypto proponents, who feel wronged and are currently facing the wrath of the SEC, may not support the administration in the coming days. Crypto investors in the country faced a severe blow when the SEC recently ordered Kraken, a leading crypto exchange, to cease its crypto staking program for its retail customers.

Over 40 million Americans own crypto. Most of those are between the ages of 18-34 and are demographically and racially diverse. That’s a lot of votes. Gary Gensler is a political liability.

— Stuart Alderoty (@s_alderoty) February 13, 2023

In relation to the SEC’s alleged anti-crypto stance, Ripple has already been embroiled in a legal battle with the U.S. regulator for a significant amount of time. The crypto entity was charged by the SEC over allegations that it had broken securities laws through the sale of its XRP coins. This has led to a roller coaster ride for the price of the XRP token, which is currently trading at $0.37  according to CoinGape’s crypto market tracker.

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The post SEC’s Crypto Crackdown Terrible For Democrats: Ripple (XRP) Exec appeared first on CoinGape.

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Filed under: News - @ February 14, 2023 12:20 am