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

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