Ripple CEO Accuses SEC Chairman of Hypocrisy in Crypto Regulation
Bradley Kent Garlinghouse, the CEO of Ripple, has publicly criticized Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), accusing him of hypocrisy in his attempts to regulate cryptocurrencies.
Garlinghouse Labels Gensler a Hypocrite
In a post on X (formerly Twitter), Garlinghouse labeled Gensler a hypocrite and accused him of being involved in unverified fraudulent activities. He stated that Gensler’s actions have harmed consumers and damaged the integrity of the SEC while maintaining close ties with Wall Street.
Gensler’s Comments on Crypto Industry
Garlinghouse’s criticism comes in response to a recent post by Gensler where he expressed concerns about fraud and bad actors in the crypto industry. Gensler highlighted noncompliance and its negative impact on confidence and competition among good faith actors.
Ongoing Legal Battle Between SEC and Ripple
Garlinghouse’s accusations against Gensler come amidst an ongoing legal battle between Ripple and the SEC. A court ruling has set a deadline for completing the remedies-related discovery process by April 12, 2024, which is expected to bring more clarity to the lawsuit.
Reactions from Ripple Community
The Ripple community has shown disapproval of Gensler’s approach towards cryptocurrencies. Many commenters on Garlinghouse’s post criticized the SEC Chair, calling him a threat to crypto innovation and accusing him of hindering financial evolution in the US.
Hot Take: Ripple CEO Calls Out SEC Chairman for Hypocrisy in Crypto Regulation
Ripple CEO Bradley Kent Garlinghouse has publicly criticized SEC Chairman Gary Gensler, accusing him of hypocrisy in his attempts to regulate cryptocurrencies. Garlinghouse labeled Gensler a hypocrite and alleged his involvement in unverified fraudulent activities. This criticism comes in response to Gensler’s recent comments about fraud and noncompliance in the crypto industry. The Ripple community has expressed disapproval of Gensler’s approach, viewing it as a hindrance to crypto innovation. The ongoing legal battle between Ripple and the SEC adds further tension to the relationship between Garlinghouse and Gensler. As the case progresses, the crypto industry awaits more clarity on regulations and a potential settlement.
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