A new chair of the SEC?
Ripple CEO Brad Garlinghouse criticized the United States Securities and Exchange Commission (SEC) Chair, Gary Gensler, during an appearance at the World Economic Forum in Davos, Switzerland. Garlinghouse expressed his belief that Gensler is a political liability and not acting in the best interests of the citizens or long-term economic growth.
Garlinghouse also suggested that there may be a new chair of the SEC in the future, which he believes would be beneficial for the American people.
Spot bitcoin ETF approval
Last week, the SEC approved several spot bitcoin exchange-traded funds (ETFs), marking a significant milestone for cryptocurrency adoption in the US. However, the agency faced criticism after falling victim to a hack on Twitter, resulting in a false tweet claiming that numerous spot bitcoin ETFs had been approved.
The incident led to frustration among members of the crypto community, with some calling for accountability from the SEC. Tyler Winklevoss, co-founder of Gemini, urged the SEC to hold itself accountable.
The SEC and Ripple Face-Off
Ripple is currently facing a lawsuit from the SEC over allegations that it sold XRP as unregistered securities. The charges against Brad Garlinghouse were dropped last year. The SEC has now requested Ripple to disclose its financial statements and post-complaint contracts.
Garlinghouse’s recent comments about the SEC are part of his ongoing criticism of the agency’s regulatory approach. He believes that the SEC should reconsider its strategy of regulation through enforcement and lawsuits.
Hot Take: Ripple CEO Criticizes Gensler
Ripple CEO Brad Garlinghouse has publicly criticized Gary Gensler, the Chair of the SEC, calling him a “political liability” and questioning his actions in the best interest of the citizens and economy. Garlinghouse suggested that a new chair of the SEC would be beneficial for the American people. The criticism comes after the SEC’s approval of spot bitcoin ETFs, which was followed by a hack on the agency’s Twitter account, causing confusion and frustration within the crypto community. Ripple is currently facing a lawsuit from the SEC, and Garlinghouse has been vocal about his disagreement with the agency’s regulatory approach.
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