Ripple CEO Garlinghouse Criticizes SEC Chair’s Crypto Remarks – ‘Gensler Will Cause Biden to Lose the 2024 Election’

June 28, 2024 William Ross Cryptocurrency News 2

XRP Skyrockets 26% Following New York Judge’s Ruling in SEC Lawsuit

A recent development in this ongoing saga is Ripple CEO Brad Garlinghouse’s vocal criticism of SEC Chair Gary Gensler’s remarks Tuesday on the state of the cryptocurrency industry.

Garlinghouse’s comments come in the wake of Gensler’s interview with Bloomberg, where the SEC Chair described the crypto industry as one plagued by legal noncompliance and associated with criminal activities.

Gensler’s assertion that many leading figures in the crypto space are facing legal repercussions has sparked a strong response from the Ripple CEO, who labeled these statements as “absolute nonsense.”

Bitcoin.com News quoted Gensler saying, “We’re bringing that in front of courts, and those will play out because folks who do not comply with the law hurt the American public,” Gensler added.

 “This slander about ‘all crypto execs going to jail’ from the man who completely missed FTX (and actually cosied up to SBF [Sam Bankman-Fried]) and wasn’t even invited to the DOJ announcement about Binance,” the executive said.

See Also:  XRP Price Surge and Subsequent Dump Spark Manipulation Speculations

“If he was really ‘working for the American people’ as he says, he would have been fired a long time ago,” Garlinghouse opined, emphasizing:

The Ripple CEO’s rebuttal highlights a broader concern within the crypto community regarding the SEC’s approach to regulation.

Critics argue that the SEC’s actions, or lack thereof, in cases like the FTX exchange, reflect a failure to protect American investors and a misunderstanding of the crypto industry’s dynamics. Garlinghouse’s pointed critique suggests that Gensler’s oversight could even have political ramifications, potentially influencing the outcome of the upcoming presidential election.

This clash between Ripple and the SEC is not new. Ripple has been embroiled in a legal battle with the SEC over classifying XRP as a security.

See Also:  Bitcoin(BTC) Breaks Records, Surging to $53,000 in Latest Rally

Related Stories:

SEC Chair Gensler Faces Backlash from Ripple CEO Brad Garlinghouse over Crypto Securities ClassificationSEC Chair Gensler Faces Backlash from Ripple CEO Brad Garlinghouse over Crypto Securities Classification Ripple Chief Monica Long Makes the Case for Crypto in the New York TimesRipple CEO Brad Garlinghouse Celebrates Hinman Documents Release: ‘Well Worth the Wait’ Massive 29 million XRP transaction to Bitstamp signals price declineRipple Makes a Splash: Crypto Giants Dive into US Election Pool with $78 Million Ripple Chief Monica Long Makes the Case for Crypto in the New York TimesHow the SEC vs Ripple Final Ruling Could Impact the Crypto Industry XRP Price to Hit New All-Time Highs as XRPL Adoption Goes MainstreamRipple vs SEC Latest: Brad Garlinghouse: ‘We Are Confident We Will Win’ XRP Skyrockets 26% Following New York Judge’s Ruling in SEC LawsuitRipple CEO Brad Garlinghouse: XRP Can Outshine Bitcoin and Solve a Billion-Dollar Problem XRP Price Explodes Over 70% as Judge Rules In Favor of Ripple in SEC Case XRP, the native cryptocurrency of the Ripple network, has surged by more than 70% in the past 24 hours, reaching its highest level since May. The price spike came after a U.S. judge denied the Securities and Exchange Commission's (SEC) request to access Ripple's legal communications. What is the SEC's lawsuit against Ripple? The SEC filed a lawsuit against Ripple and its executives in December 2020, alleging that they sold $1.3 billion worth of XRP as unregistered securities. Ripple has argued that XRP is not a security, but a digital asset that is used for cross-border payments and remittances. The company also claimed that the SEC did not provide fair notice to the market about its regulatory status. How did the judge rule in favor of Ripple? On June 30, U.S. Magistrate Judge Sarah Netburn denied the SEC's motion to compel Ripple to produce documents related to its legal advice on XRP. The judge ruled that Ripple's communications with its lawyers are protected by attorney-client privilege, and that the SEC failed to show a "substantial need" to access them. The judge also noted that the SEC's request was "overly broad" and "disproportionate". What does this mean for XRP and the crypto market? The judge's ruling is seen as a major victory for Ripple and a setback for the SEC, as it could weaken the agency's case against the company. The ruling also boosted the confidence of XRP investors, who have been waiting for a resolution of the legal dispute. XRP's price jumped from around $0.6 to over $1 in a matter of hours, making it one of the best-performing cryptocurrencies in the market. The rally also lifted other altcoins, such as Stellar, Cardano, and Dogecoin. What are the next steps in the lawsuit? The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31. The SEC has also filed a motion to extend the deadline for fact discovery by 60 days, citing the complexity of the case and the need for more time to review documents. Ripple has opposed this motion, arguing that it would cause further harm to its business and customers. The judge has not yet ruled on this motion. Conclusion XRP's price has exploded over 70% as a U.S. judge ruled in favor of Ripple in its lawsuit with the SEC. The ruling denied the SEC's request to access Ripple's legal communications, which are protected by attorney-client privilege. The ruling is seen as a major win for Ripple and a boost for XRP investors, who have been waiting for a positive outcome of the case. The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31.XRP remains outside Ripple’s Liquidity Club even after 5 months? Here’s how Ripple CTO reacts If You Invested Your 3 Stimulus Checks In Bitcoin, Dogecoin And Ethereum, Here's How Much You'd Have NowTyler Winklevoss: The outspoken crypto billionaire who predicted the 2024 election
William Ross
About William Ross 332 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

2 Comments

  1. I would like to thank you for the efforts you’ve put in penning this site.
    I really hope to view the same high-grade content by you later on as well.

    In truth, your creative writing abilities has inspired me to get
    my own blog now 😉

    Reply

  2. Hmm is anyone else experiencing problems with the pictures on this blog loading?
    I’m trying to determine if its a problem on my end or if it’s the blog.
    Any feed-back would be greatly appreciated.

    Reply

Leave a Reply

Your email address will not be published.