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Highlights
- The Biden Campaign is now warming up to the crypto industry
- Ripple CEO believes Gary Gensler needs to be fired to show seriousness
- Crypto X is divided on whether this is positive or not
With the perceived pivot of President Joe Biden’s administration towards the crypto industry, Brad Garlinghouse, the CEO of Ripple Labs Inc. is of the opinion that more needs to be done regarding Gary Gensler. He postulated that to truly curry the needed favors, the United States Securities and Exchange Commission (SEC) Chairman Gary Gensler must be fired from office.
Gary Gensler Cannot be Fired, Crypto X User Says
As part of the ‘Fire Gensler’ debate, Garlinghouse believes that demanding Gensler’s resignation is the most serious way that Biden’s administration can really confirm its pivot towards digital assets.
This statement sparked mixed reactions from members of Crypto X. Some crypto enthusiasts share the Ripple CEO’s stance on the matter. However, a sect of his followers do not think that the government can ask the Commission’s Chairman to step down.
In the comment section, one crypto enthusiast highlighted that Gensler could not be fired. He noted that “he knows where all the bodies are buried.” According to this X user, this outlook puts the government at a “fix” on what to do with Gensler as it may jeopardize their operations.
They can’t fire him. He knows where all the bodies are buried. Literally. While I am here, could you let XRP breathe a little? Asking for some friends.
— Steve Vann (@cptvann) May 31, 2024
For the longest time, Gary Gensler stood as a clog to the wheel of several crypto projects. He constantly categorized all cryptocurrencies except Bitcoin (BTC) as security. His categorization of digital assets almost caused Ethereum a position in the spot Ethereum ETF market recently.
Last year, several exchanges including Binance and Coinbase were victims to the SEC’s perceived crackdown on the crypto ecosystem
Biden Administration Step up its Campaign to Include Crypto
It was earlier reported that the Biden campaign ramped up crypto industry outreach, a move that suggests a tone shift. In what appears to be its crypto outreach plan, the Biden administration has organized aggressive pitches that supports the crypto industry.
This sis arguably a part of the President’s re-election campaign. The President also consulted with crypto industry leaders, seeking guidance on suitable crypto policy moving ahead.
The shift comes after several disgruntled crypto enthusiasts called out the administration for opposing the key crypto legislative measure dubbed SAB 121. At the same time, it was probably fueled by Donald Trump’s latest announcement. This update hinges on accepting campaign donations in crypto including Bitcoin (BTC), Shiba Inu (SHIB) and Dogecoin (DOGE).
Generally, it appears that cryptocurrencies have taken the center stage in the upcoming November election.
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