Ripple chief executive officer Brad Garlinghouse has slammed Gary Gensler, the chairman of the United States Securities and Exchange Commission (SEC), for his recent slander about most crypto executives going to jail.
Garlinghouse stated in a tweet that Gensler and his approach to crypto regulation would cause U.S. President Joe Biden to lose the upcoming elections.
Gensler on Crypto Execs
During an interview with Bloomberg on Tuesday, Gensler spoke about the U.S. crypto industry, the upcoming launch of the Ethereum exchange-traded funds (ETF), crypto regulation, and the fate of industry executives.
While the SEC chair remained mum on the timing of the launch of the Ethereum ETFs, stating that discussions were progressing smoothly, he refuted claims about inconsistencies between crypto and securities laws, insisting there was no such thing.
Gensler said the crypto space is rife with non-compliance and has caused significant harm to American investors. According to Gensler, the lack of compliance is evident in the number of top crypto executives who are either in jail or awaiting sentencing.
“This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition. Think about it. This is that field. That’s the field right now where the public has really been harmed. And there’s significant non-compliance in the field,” Gensler stated.
Costing Biden the Elections
Criticizing Gensler, Garlinghouse called his comments “absolute nonsense.” The Ripple chief said the crypto executives slander was coming from someone who missed the bankrupt exchange FTX’s fraudulent scheme and even “cozied up” to the platform’s founder Sam Bankman-Fried, who has been sentenced to 25 years in prison for his role in the case.
In addition, Garlinghouse noted that Gensler’s incompetence was evident in his absence from the Department of Justice’s announcement of a multi-billion-dollar settlement with Binance, the world’s largest crypto exchange.
“If he was really ‘working for the American people’ as he says, he would have been fired a long time ago. Gensler will cause Biden to lose the election,” the Ripple CEO added.
Garlinghouse’s remarks echo that of billionaire entrepreneur and crypto investor Mark Cuban, who has stated in the past months that Gensler could cost Biden the elections because of young American citizens who own crypto.
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