According to U.Today, Ripple's Chief Legal Officer, Stuart Alderoty, recently shared an image on his social media account that sparked a flurry of reactions from the XRP community. The image, which Alderoty humorously titled "Not a Security," is a parody of Maurizio Cattelan’s famous artwork "Comedian," which was sold to crypto billionaire Justin Sun for $6.2 million. Alderoty's version features an orange taped to a canvas, a nod to the original piece that used a banana.
Alderoty's post is seen as a satirical jab at the U.S. Securities and Exchange Commission (SEC) and its chairman, Gary Gensler. The SEC has been embroiled in a legal battle with Ripple, claiming that the company has been selling XRP as an unregistered security. This ongoing dispute has led to significant fines and legal challenges for Ripple. However, in a notable development in July 2023, Federal Judge Analisa Torres ruled that XRP sales on secondary markets did not constitute security sales, a decision that Ripple welcomed. Despite this, the SEC has continued its legal pursuit, appealing to the U.S. Supreme Court.
In a related development, Gary Gensler announced his resignation as SEC chair, effective January 20, 2025. This news was met with enthusiasm by the XRP community, including Ripple CEO Brad Garlinghouse, who expressed his gratitude for Gensler's departure in a Thanksgiving message. The resignation marks a significant moment for Ripple and its supporters, who have long criticized Gensler's stance on cryptocurrencies. As the legal battles continue, the XRP community remains hopeful for a more favorable regulatory environment in the future.
