Ripple CEO Brad Garlinghouse, nearing resolution in his SEC legal battle, strongly criticized SEC Chairman Gary Gensler’s recent remarks regarding the cryptocurrency industry.
Speaking at the Bloomberg Investment Summit, Gensler characterized crypto as a sector where many leaders face imprisonment, stating, “The crypto industry has seen its prominent figures from a few years ago either imprisoned, awaiting imprisonment, or facing extradition.”
Garlinghouse swiftly rebuked Gensler’s assertions, dismissing them as “complete nonsense.” He pointedly highlighted Gensler’s exclusion from the DOJ’s Binance investigation meeting and his alleged oversight of the FTX collapse. Garlinghouse also questioned Gensler’s close ties with Sam Bankman-Fried, suggesting these connections could influence the outcome of the 2024 US presidential elections negatively.
“These statements by Gensler are baseless. How can a man who overlooked FTX and wasn’t even involved in the DOJ’s Binance announcement claim that all crypto executives are destined for jail? It’s absurd and defamatory,” Garlinghouse remarked. “If he truly prioritized serving the American people, as he professes, he would have been dismissed long ago. Gensler’s actions could jeopardize Biden’s reelection.”
Garlinghouse’s sentiments echo those expressed earlier by prominent US billionaire Mark Cuban. In May, Cuban similarly criticized Gensler, emphasizing discrepancies in regulatory focus.
**Disclaimer: This article does not offer investment advice.**
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