Ripple's CEO, Brad Garlinghouse, has sharply rebuked SEC Chair Gary Gensler for his recent remarks on crypto regulation, labeling them as "complete nonsense." Garlinghouse criticized Gensler's oversight failures, suggesting they could adversely impact the upcoming election. He went further to assert that if Gensler truly represented the American people, he would face dismissal.
Garlinghouse's criticism follows Gensler's comments during a Bloomberg interview where he highlighted concerns about noncompliance within the crypto industry, stating, "This is a field where the leading figures from a few years ago are either incarcerated, facing imminent imprisonment, or awaiting extradition." Gensler emphasized the harm caused to the public by those not adhering to the law, indicating ongoing legal actions against such individuals.
In response, Garlinghouse took to the social media platform X to challenge Gensler's assertions, particularly highlighting the SEC chairman's purported oversight lapses concerning FTX and his interactions with its founder, Sam Bankman-Fried (SBF). Garlinghouse pointedly noted Gensler's absence from the U.S. Department of Justice's recent enforcement actions involving Binance.
"If Gensler truly served the American people, as he claims," Garlinghouse asserted, "he would have been dismissed long ago." He also warned of potential electoral repercussions, stating, "Gensler's actions could lead to Biden losing the election."
Billionaire Mark Cuban had earlier voiced similar concerns, suggesting that Gensler's actions could detrimentally affect President Biden's electoral prospects and potentially end Gensler's own political ambitions.
What are your thoughts on Brad Garlinghouse's statements? Do you believe Gary Gensler's actions could impact the outcome of the upcoming election? Share your views in the comments below.