Ripple Labs and the SEC are in discovery for the remedies phase of the Ripple case until February.

Meanwhile, Gary Gensler recently gave a speech in which he quoted the first SEC chair, Joseph P. Kennedy. That’s what started the X skirmish between the Commission and members of the crypto industry.

Gary Gensler’s SEC Remarks Irk Ripple Labs

In his speech, Gensler touted the original SEC chair’s words as a model for the agency’s ethical behavior as a government regulatory agency.

“We are not prosecutors of honest business, nor defenders of crookedness. We are partners of honest business & prosecutors of dishonesty. We shall not prejudge, but we shall investigate.”

As Joseph P. Kennedy, the first @SECGov Chair, once said: “We are not prosecutors of honest business, nor defenders of crookedness. We are partners of honest business & prosecutors of dishonesty. We shall not prejudge, but we shall investigate.”

Check out my recent remarks: pic.twitter.com/QM2zqj8PQs

— Gary Gensler (@GaryGensler) November 16, 2023

Ripple’s legal chief, Stuart Alderoty, balked in response and went after Gensler’s SEC. The Ripple Labs attorney had a litany of counterexamples to Gensler’s speech:

“The SEC is losing in court; being criticized by Judges for shady behavior; being rebuked by the Gov’t’s internal auditor; hiding info about meetings with a felon; becoming irrelevant on the international stage[…]”

The SEC is losing in court; being criticized by Judges for shady behavior; being rebuked by the Gov’t’s internal auditor; hiding info about meetings with a felon; becoming irrelevant on the international stage. Gensler – admitting no fault – has become the i