Ripple CEO Brad Garlinghouse believes that the actions of US SEC chairman Gary Gensler could jeopardize President Joe Biden’s chances of being elected in the upcoming November election.
SEC Chairman (left) and Ripple CEO (right)
Garlinghouse issued a statement via social media platform X in response to Gensler’s June 25 Bloomberg interview.
During the interview, Gensler reiterated his previous criticisms of the cryptocurrency industry, describing it as highly centralized and largely non-compliant with current regulations. He noted that this lack of compliance has led to the conviction of several prominent industry figures.
“This is an area where many “tycoons” from a few years ago are either in prison, about to go to prison, or awaiting extradition.”
Garlinghouse criticizes Gensler
Garlinghouse dismissed Gensler’s comments in the interview as “complete nonsense,” asserting that the SEC Chairman would have been removed from office long ago if he truly served the American people.
Garlinghouse further criticized Gensler’s statements about crypto industry executives, mocking him for hypocrisy given Gensler’s past relationship with convicted FTX founder Sam Bankman-Fried (SBF).
“And the slander about ‘all crypto operators going to jail’ from a man who let FTX slip through the cracks while cozying up to SBF, and wasn’t even invited to the announcement DOJ on Binance.”
Bankman-Fried was sentenced to 25 years in prison following a guilty verdict on seven counts including wire fraud, conspiracy to commit wire fraud and conspiracy to commit money laundering. Before FTX collapsed in 2022, SBF was said to have had a “non-trivial” relationship with the SEC Chairman.
Election consequences
Considering the above, Garlinghouse expressed his deep belief that “Gensler will cause Biden to lose the election.”
Garlinghouse’s comments are in line with the views of other industry leaders who say Gensler’s strict regulations have stifled legitimate cryptocurrency projects and hurt businesses.
Cryptocurrency has become a key election issue for American voters this election cycle, and many are expected to support former President Donald Trump due to the Biden administration’s stance on the industry .
Itadori
According to Cryptostale
