Ripple CEO Brad Garlinghouse fiercely criticized the recent defamation of most cryptocurrency executives by Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC). In a tweet, Garlinghouse stated that Gensler and his approach to cryptocurrency regulation would cause President Joe Biden to lose in the upcoming elections.
During an interview with Bloomberg on Tuesday, Gensler discussed the U.S. cryptocurrency industry, the upcoming launch of Ethereum exchange-traded funds (ETFs), cryptocurrency regulation, and the fate of industry executives. While the SEC remained silent on the timing of the Ethereum ETF launch, stating that discussions were progressing well, Gensler refuted claims of inconsistency between cryptocurrencies and securities laws, firmly asserting that such a situation does not exist.
Gensler stated that the cryptocurrency space is rife with misconduct, causing significant harm to U.S. investors. He emphasized the lack of compliance among cryptocurrency executives who are either in prison, awaiting sentencing, or awaiting extradition. Gensler said, “This is an area where leaders from a few years ago are either in jail, going to jail, or waiting for extradition. Think about that. That’s the field. That’s the area where real harm is to the public right now. And there’s serious misconduct in this field.”
Garlinghouse criticized Gensler, calling his remarks “baseless.” The Ripple CEO claimed that the defamation of cryptocurrency executives stemmed from someone who missed out on the fraudulent scheme of the bankrupt exchange FTX, and even “buttered up” the founder of the platform, Sam Bankman-Fried, who was sentenced to 25 years in prison for his role in the case.
Furthermore, Garlinghouse pointed out Gensler’s incompetence when he was absent during the announcement by the Department of Justice of a multi-billion-dollar settlement with the world’s largest cryptocurrency exchange, Binance.
Garlinghouse added, “If he truly ‘works for the American people’ as he claims, he would have been fired long ago. Gensler will cause Biden to lose the election.”
Garlinghouse’s comments echoed those of billionaire entrepreneur and cryptocurrency investor Mark Cuban, who has stated in recent months that Gensler could cause Biden to lose the election due to the young American citizens who hold cryptocurrencies.
