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Ripple CEO Brad Garlinghouse has criticized SEC Chair Gary Gensler’s recent statements on the crypto industry, calling them “absolute nonsense.” The executive argued that Gensler’s actions and oversight failures could impact the upcoming election. He suggested that Gensler should be fired if he truly worked for the American people.
Ripple CEO Brad Garlinghouse criticized U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on Tuesday following Gensler’s comments on crypto regulation during a Bloomberg interview. In the interview, Gensler remarked on the crypto industry, stating:
This is a field that the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition … That’s the field right now where the public has really been harmed and there is significant noncompliance in the field.
“We’re bringing that in front of courts and those will play out because folks that are not complying with the law hurt the American public,” Gensler added.
Garlinghouse responded on social media platform X, calling Gensler’s statements “absolute nonsense.” He pointed out that the SEC chairman overlooked the issues with the crypto exchange FTX, had interactions with its founder Sam Bankman-Fried (SBF), and was excluded from the U.S. Department of Justice’s announcement on the enforcement action against Binance. “This slander about ‘all crypto execs going to jail’ from the man who completely missed FTX (and actually cozied up to SBF [Sam Bankman-Fried]), and wasn’t even invited to the DOJ announcement about Binance,” the executive said.
“If he was really ‘working for the American people’ as he says, he would have been fired a long time ago,” Garlinghouse opined, emphasizing:
Gensler will cause Biden to lose the election.
Billionaire Mark Cuban similarly criticized Gensler earlier this month, suggesting that the SEC chairman could “literally cost Joe Biden the election,” and that if Gensler had political ambitions, they were now over.
