Ripple’s Garlinghouse says SEC Gensler’s actions could sink Biden in November Ripple’s Garlinghouse says SEC Gensler’s actions could sink Biden in November
The Ripple CEO described Gensler's criticims of the crypto industry as "absolute nonsense."
2 min read
Updated: Jun. 26, 2024 at 12:30 pm UTC
Gage Skidmore / CC BY-SA 2.0 / Flickr. Remixed by CryptoSlate
Ripple CEO Brad Garlinghouse believes SEC chair Gary Gensler’s actions could jeopardize President Joe Biden’s chances in the upcoming November elections.
Garlinghouse made the statement via social media platform X in reaction to Gensler’s June 25 Bloomberg interview.
In the interview, Gensler reiterated his previous critiques of the crypto industry, describing it as highly centralized and largely non-compliant with current regulations. He noted that this lack of compliance has led to the conviction of several prominent figures in the industry.
Gensler stated:
“This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition.”
Garlinghouse slams Gensler
Garlinghouse dismissed Gensler’s interview comments as “absolute nonsense,” asserting that the SEC Chair would have been dismissed long ago if he genuinely served the American people.
Garlinghouse further criticized Gensler’s statements about the crypto industry’s executives, calling them hypocritical given Gensler’s past association with convicted FTX founder Sam Bankman-Fried.
The Ripple CEO stated:
“And this slander about ‘all crypto execs going to jail’ from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.”
Bankman-Fried was sentenced to 24 years in prison after being found guilty on seven charges, including wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. Before FTX’s collapse in 2022, SBF reportedly had a significant relationship with the SEC Chair.
Electoral consequences
Considering the above, Garlinghouse expressed a deep conviction that “Gensler will cause Biden to lose the election.”
Garlinghouse’s comments align with the sentiments of other industry leaders who argue that Gensler’s strict regulations have stifled legitimate crypto ventures and harmed businesses.
Crypto has become a significant electoral issue for American voters during this election cycle, and many are expected to support former President Donald Trump due to the Biden administration’s stance on the industry.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.
Joe Biden, byname of Joseph Robinette Biden Jr., is an American politician and the 46th and current president of the United States.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.