Ripple CEO Brad Garlinghouse has expressed his disapproval of recent comments made by SEC Chair Gary Gensler regarding the cryptocurrency industry, labeling them as “complete nonsense.” Garlinghouse argued that Gensler’s actions and lack of oversight could have an impact on the upcoming election and suggested that if Gensler truly worked for the American people, he should be fired.
In response to Gensler’s remarks on crypto regulation during a Bloomberg interview, Garlinghouse took to the social media platform X to criticize the SEC chairman. Gensler had stated that the crypto industry was a field where individuals were either in jail, on the verge of going to jail, or awaiting extradition, highlighting the harm caused to the public and the significant noncompliance in the sector.
Garlinghouse dismissed Gensler’s comments as baseless, pointing out that the SEC chairman had overlooked the issues with the crypto exchange FTX and had interactions with its founder, Sam Bankman-Fried (SBF). Garlinghouse also highlighted Gensler’s exclusion from the U.S. Department of Justice’s announcement on the enforcement action against Binance. Garlinghouse stated, “It is slanderous for Gensler to claim that ‘all crypto execs are going to jail’ when he completely missed FTX (and even had a cozy relationship with SBF) and wasn’t even invited to the DOJ announcement about Binance.”
Expressing his doubts about Gensler’s commitment to serving the American people, Garlinghouse implied that if Gensler genuinely cared about the interests of the American public, he would have been dismissed a long time ago. Garlinghouse further emphasized his belief that Gensler’s actions could result in President Joe Biden losing the election.
Garlinghouse’s sentiments were echoed by billionaire Mark Cuban, who previously criticized Gensler, suggesting that the SEC chairman’s actions could have a detrimental effect on Biden’s chances of winning the election. Cuban also speculated that if Gensler had any political aspirations, they were now unlikely to be realized.
What are your thoughts on Brad Garlinghouse’s remarks? Do you believe that Gensler’s actions will impact Joe Biden’s chances in the election? Share your opinions in the comments section below.
