Ripple CEO Slams SEC Chair for Saying Crypto Executives “Go to Jail”

Highlights
- SEC Chairman Gary Gensler said most players from crypto industry went to jail.
- Ripple CEO Brad Garlinghouse labeled Gensler's remarks as "absolute nonsense".
- Garlinghouse warned that Gensler's actions could negatively impact Joe Biden's re-election chances.
During his recent interview at the Bloomberg Investment Summit, SEC Chairman Gary Gensler made a controversial comment stating that most of the crypto executives have gone to jail. This didn’t go well with crypto industry leaders who slammed the SEC chair.
Ripple CEO Calls Gensler’s Comments “Absolute Nonsense”
While speaking about the crypto industry during his Bloomberg interview, SEC chair Gary Gensler said: “The American public is not getting the proper disclosure that they are required to get by law, but they need. 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”.
Responding to his comments, Ripple CEO Brad Garlinghouse expressed strong criticism while referring to Gensler’s comments as “absolute nonsense”. Besides, Garlinghouse also highlighted Gensler’s failure to address the FTX collapse, and his strong ties with Sam Bankman-Fried, alongside his absence from the DOJ’s announcement on Binance.
Furthermore, the Ripple CEO stated that if the SEC Chairman was genuinely working for the American people, he would have been dismissed already. He also warned that Gensler’s actions could cost American President Joe Biden the upcoming 2024 US elections.
Also Read: Ripple CLO Criticizes Gensler’s Use of “Crypto Asset Securities”
Will SEC’s Gary Gensler Cost Joe Biden the Election?
Brad Garlinghouse is not the first one to point out how Gensler’s actions can cost Joe Biden the next election. Billionaire Mark Cuban also made similar comments last month in May. During the Bloomberg interview, the host reminded him of Cuban’s views. Responding to this, the SEC Chair said: “I don’t speak about elections”.
Adding further he said: “My role as a securities regulator—as chair of this great 5,000-person agency that oversees $120 trillion capital markets—is to look out for investors, look out for issuers and, where appropriate, to be a cop on the beat,” he said.
While the crypto industry has slammed Gary Gensler about the inconsistencies in the securities laws, the SEC chair has refuted it outright. “There’s nothing inconsistent about crypto securities and the securities laws,” he said.
Gary Gensler, chair of the US Securities and Exchange Commission, says “there’s nothing inconsistent about crypto securities and the securities laws,” but he does say they are still being broken https://t.co/518XPTe1fq pic.twitter.com/CtvqUOpSfR
— Bloomberg TV (@BloombergTV) June 25, 2024
Also Read: SEC Chair Gary Gensler Says Approval Is Going Smoothly
- Galaxy Digital CEO Calls Next Fed Chair Bitcoin’s Bull Catalyst, Sets $200K BTC Target
- Experts Claim Bitcoin Crash to $94,334 Ahead As BTC Dominance Rebounds
- Expert Explains Pi Network–Sign Meeting, Says It Could Trigger Binance Listing
- Is Trump Family, Mr. Beast Buying ASTER Token? Rumors Gain Strength
- Solana ETF Update: Grayscale, Fidelity, Others Files S-1 With Staking, Approval Expected in Two Weeks
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%