Ripple CEO Brad Garlinghouse Criticizes SEC Chair Over Tweet
You must have heard about the latest Twitter war where Ripple CEO, Brad Garlinghouse, launched a scathing attack against the U.S. Securities and Exchange Commission (SEC) chair.
Gensler had made a tweet about noncompliance in the crypto space, and this did not sit well with Garlinghouse. He accused Gensler of indulging in hypocrisy and claimed that his actions have negatively impacted consumers and the integrity of the SEC.
SEC Chair Highlights the Issues of Noncompliance in the Crypto Space
Gensler took to Twitter to point out the prevalence of noncompliance in the crypto industry and how it has affected consumer confidence. He mentioned that the high number of people affected have to stand in a line in the bankruptcy court, which has made it difficult for good actors to operate.
SEC’s Stance on the Crypto Industry
It is no secret that the SEC has taken a tough stance against the crypto industry. Critics argue that the SEC’s regulation-by-enforcement strategy and its overreach of authority have made it nearly impossible for firms to comply. On the other hand, Gensler believes that the current securities laws must be enforced within the crypto industry.
Hot Take
Gensler’s tweet triggered a sharp response from Ripple CEO Brad Garlinghouse, highlighting the ongoing tension between the SEC and the crypto industry. The public spat underscores the challenges in regulatory compliance that continue to plague the crypto sector.
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