Ripple CEO Slams SEC Chairman as a ‘Political Liability’
Brad Garlinghouse, the CEO of Ripple, criticized the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for his handling of the crypto industry. Garlinghouse referred to Gensler as a “political liability,” claiming that he is not acting in the best interests of the people or the long-term growth of the economy. Garlinghouse expressed his hope that there will eventually be a new chair of the SEC, which he believes would be beneficial for the American people.
SEC Chair’s Approach to Crypto Industry
In Davos, Garlinghouse specifically criticized Gensler’s approach to the crypto industry, stating that he does not understand it. Despite approving several spot Bitcoin ETFs, Gensler has emphasized that this is not an endorsement of Bitcoin and has reiterated his concerns about the risks associated with crypto investments. Gensler also sees irony in the approval, as it has led to the centralization of a supposed decentralized system.
Legal Challenges and Public Criticism
Last year, the SEC faced challenges in the cryptocurrency space. After filing a lawsuit against Ripple, Garlinghouse, and Chris Larsen, the agency experienced a partial victory for Ripple. The SEC’s attempt to appeal was rejected, and the charges against Garlinghouse and Larsen were dropped. The regulator also lost a court case against Grayscale Investments. Garlinghouse expressed his frustration, stating that Gensler continues to do the same thing in court and expects a different outcome.
In addition to Garlinghouse’s criticism, both crypto investors and lawmakers are increasingly disapproving of Gensler’s regulatory approach. Rep. Warren Davidson has introduced a bill seeking to remove Gensler as the chairman of the SEC.
Hot Take: Ripple CEO Condemns SEC Chair’s Actions
The CEO of Ripple, Brad Garlinghouse, has voiced his strong disapproval of the SEC chairman, Gary Gensler, labeling him a “political liability.” Garlinghouse believes that Gensler is not acting in the best interests of the people or the economy’s long-term growth. He expressed the need for a new chair of the SEC, stating that it would be beneficial for the American people. Garlinghouse’s criticism reflects the growing dissatisfaction with Gensler’s regulatory approach within the crypto industry and among lawmakers. The legal challenges faced by the SEC in the cryptocurrency space have further fueled the criticisms against Gensler.
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