Regulation
Ripple CEO Urges Democrats to Act on Cryptocurrency Regulation, Criticizes SEC Chairman After Roundtable
Ripple CEO Brad Garlinghouse stressed the need to background action in cryptocurrency regulation following a crucial roundtable with key industry and government figures.
The event, hosted by Congressman Ro Khanna (D-CA), brought together prominent figures including entrepreneurs Marc Cuban, Coinbase Paul Grewal, Legal Director and Circle Director of Strategy Dante Disparte.
On the government side, White House officials attended the event, including Anita Dunn, senior adviser to the president. Joe Biden —and influential lawmakers like Sen. Kirsten Gillibrand (D-NY) and Congressman Joe Neguse (D-CO).
Early reports indicate that the event left industry participants cautiously optimistic about the regulatory landscape in the months ahead.
Ripple CEO criticizes Democrats
Garlinghouse praised Rep. Khanna for his commitment to the industry and expressed hope that the roundtable would mark a turning point. However, he also criticized the Democratic Party for “enabling” the SEC chairman Gary Gensler and added that more needed to be done for the sector.
Garlinghouse said:
“Unfortunately, the majority of Democrats continue to support Gensler’s illegal war on crypto, thereby sabotaging the ability of American innovation to thrive… Gensler will go down in history as the Luddite of his time.”
His comments reflect a broader frustration within the crypto community over the SEC’s perceived regulatory overreach. Garlinghouse’s characterization of Gensler as a “Luddite” echoes the sentiment that current regulatory measures are stifling innovation in the sector.
The Ripple CEO added that it was “no wonder” that the Republican Party chose to take an openly pro-crypto stance, noting that the issue has become a major concern for voters. He said:
“Words are easy, actions are difficult but necessary. Choose wisely. Voters are paying attention.”
Industry players optimistic
Meanwhile, Blockchain Association CEO Kristin Smith said the roundtable was “a thoughtful step forward for crypto in Washington.”
Smith said her speech at the event highlighted that cryptocurrency is a key issue for many voters and that the sector is maturing. She expressed optimism about the discussions, saying:
“It’s working. We have to keep going like this.”
Media outlets reported after the event that it was a productive meeting aimed at fostering an open dialogue between the crypto industry and the Biden administration.
Crypto Council for Innovation CEO Sheila Warren told The Block that the session touched on critical issues like debanking and the SEC staff’s accounting bulletin on digital asset custody. She also said Biden’s adviser was an active participant in the discussions.
As the 2024 election approaches, the political landscape regarding cryptocurrency is becoming increasingly polarized. Former President Donald Trump expressed a solid support for the industry, and the GOP has recently followed the movement.
At the same time, Biden’s re-election campaign has reportedly reached out to the crypto industry for advice on digital asset policies, marking a significant shift from the administration’s previous stance.