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In a fiery exchange of words, Ripple CEO Brad Garlinghouse has labeled U.S. Securities and Exchange Commission Chairman Gary Gensler’s crypto stance as “insanity.” Meanwhile, the heated criticism stems from Gensler’s regulatory stance on the crypto industry, delays in approving bitcoin exchange-traded funds (ETFs), and high-profile legal battles, including Ripple’s own lawsuit.
Notably, as tensions rise, Garlinghouse questions Gensler’s alignment with citizen interests and the economy’s long-term growth, sparking speculation about a potential change in SEC leadership.
Ripple CEO Brad Garlinghouse Slams SEC’s Gary Gensler
Ripple CEO Brad Garlinghouse has taken a strong stance against U.S. Securities and Exchange Commission Chairman Gary Gensler, once again denouncing him as a “political liability” for the United States. In addition, Garlinghouse expressed his concerns over Gensler’s approach to regulating the crypto industry, criticizing lengthy delays in approving Spot Bitcoin ETFs and high-profile legal actions against companies like Ripple.
According to a CNBC report, Brad Garlinghouse openly expressed doubt about SEC Chair Gary Gensler’s intentions, once again labeling him a “political liability” and questioning his alignment with the nation’s interests and long-term economic growth. Garlinghouse’s candid statement suggests discord and raises concerns over regulatory decisions impacting the cryptocurrency industry under Gensler’s leadership.
Meanwhile, as CoinGape Media earlier reported, this is not the first time Ripple CEO labeled the SEC chair as a “political liability”. The report showed that Brad Garlinghouse accused SEC Chair Gary Gensler of being a “political liability” and implicated him in what he labeled the “biggest fraud in recent history.”
For context, Garlinghouse pointed to Gensler’s alleged involvement with former FTX CEO Sam Bankman-Fried, sharing a video that questioned their meetings amid irregularities surrounding FTX’s collapse in November 2022. In addition, Garlinghouse denounced Gensler’s actions, claiming they have damaged consumers and undermined the SEC’s integrity.
Meanwhile, the heated remarks highlight growing tensions in the cryptocurrency industry and add a layer of political controversy to Gensler’s regulatory leadership.
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Gary Gensler’s Ongoing Battle Against Crypto
The recent SEC’s approval of Spot BTC ETFs marked a significant development in the crypto space. However, SEC chair Gary Gensler’s persistent concerns about the risks associated with such products and their potential vulnerability to price manipulation have drawn criticism.
Meanwhile, Garlinghouse, referring to a pattern of behavior, characterized Gensler’s approach as “insanity,” highlighting the repeated legal battles and losses faced by the SEC.
“One of the definitions of insanity is doing the same thing over and over again and expecting a different outcome,” remarked Garlinghouse, underscoring his belief that Gensler’s strategy is flawed. The Ripple CEO pointed out that Gensler’s repeated legal defeats raise questions about the SEC chief’s ability to navigate the evolving landscape of cryptocurrencies.
In the ongoing legal landscape, where the SEC has targeted major crypto exchanges and Ripple itself, the clash between regulatory bodies and the crypto industry intensifies. As Garlinghouse predicts a change in SEC leadership, the outcome remains uncertain, leaving the crypto community on edge.
Also Read: Morgan Stanley Expects Stablecoins To Back USD Amid De-dollarization Risks
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