Regulation
Ripple CEO Slams SEC Chairman’s Stance That Cryptocurrency Is ‘Not Compliant With Current Regulation’ – Says ‘Gensler Will Lose Biden Election’
Ripple (XRP) CEO Brad Garlinghouse reviewed the U.S. Securities and Exchange Commission (SECOND) Chair Gary Gensler June 25 regarding his approach to cryptocurrency Garlinghouse claimed that Gensler’s position could lead to the political collapse of the Democratic Party, hinting at a potential defeat for the president. Joe Biden re-election next November.
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On June 25, Bloomberg Live’s X account (formerly known as Twitter) tweeted about Gensler’s recent interview. The tweet included an excerpt from the interview with a caption citing Gensler’s current stance on cryptocurrencies: “This is an area where the luminaries of a few years ago are either in jail, about to go to jail, or awaiting extradition.”
Gensler received a huge backlash for his pessimistic stance on cryptocurrencies in this tweet. One person responded, “Look, if we allow people to have control over their own money, how are we going to control them then?” Another account with 40,000 followers simply said, “Fuck you Gary.” This shows how fed up the community is with mainstream political media covering cryptocurrencies with false narratives. People are expressing their opinions candidly.
Most notably, Garlinghouse ostracized the tweet, stating, “This is absolute nonsense coming from @GaryGensler Today.” He then pointed out Gensler’s hypocrisy, “and this smear about ‘all crypto executives going to jail’ from the man who completely botched FTX (and got cozy with SBF), and wasn’t even invited to the DOJ announcement on Binance.” This statement highlights the irony of Gensler’s comments about crypto executives going to jail, especially when he has previously stood with Sam Bankman-Fried (former FTX CEO) amid accusations of fraud. Furthermore, his comment highlights the frustration of the crypto community, which believes the current regulatory environment is stifling crypto innovation in America.
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Garlinghouse ended his tweet with a bold remark: “Gensler will lose Biden the election.” The sentiment echoes growing concern that the SEC’s aggressive stance on cryptocurrencies could have implications beyond the financial sector. It underscores the need for a new political advocate to save cryptocurrencies from bankruptcy.
The crypto community praised Garlinghouse’s stance, responding, “Brad says what everyone is thinking… I love it.” Another X account with 40,000 followers commented, “Who doesn’t hate Gary Gensler?” The crypto community seems to agree that Gensler’s stance is two-faced, with an underlying mission to sabotage crypto.
Analysts speculate that former US President Donald Trump could leverage this “call to action” to get votes in the upcoming election. A recent Bloomberg article mentions that, as with the stock market after the 2016 election, Trump’s victory could have a similar effect on cryptocurrencies. The analysts added: “If election sentiment shifts more Republican, cryptocurrencies will eventually become Trump’s top trade and hope that a favorable regulatory regime will change the narrative of blockchain use cases.”
The ongoing tension between the SEC and the crypto industry has led the crypto community to criticize Gensler’s strict approach. Well-known crypto figures like Garlinghouse are speaking out to defend crypto and hit back at the industry’s biggest critics. The Democratic Party faces challenges in pleasing the crypto community, potentially losing votes to TrumpHowever, the relationship between the SEC and cryptocurrency is fraught with difficulties, and the consequences of this conflict will have lasting effects on the virtual currency.
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