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.

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“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:  XRP Legal Battle: SEC Backtracks on Security Classification

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William Ross
About William Ross 268 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.

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