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

The SEC Chair said that crypto is an industry where most players have gone to jail. Ripple CEO called out his distasteful remarks saying Gensler can cost Biden the next election.
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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.

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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

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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.

Also Read: SEC Chair Gary Gensler Says Approval Is Going Smoothly

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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