Brad Garlinghouse said that Gary Gensler will go down “as the Luddite of his time.”
The Ripple CEO has been a strong critic of SEC Chair Gensler’s stance on crypto.
Garlinghouse joined other crypto industry leaders and Ro Khanna in a discussion.
Ripple CEO Brad Garlinghouse issued a stark warning to SEC Chair Gary Gensler on X (formerly Twitter), suggesting that the agency’s crackdown on crypto could have political consequences in the upcoming election. Garlinghouse’s comments, aimed at a U.S. audience increasingly engaged in the crypto debate, reveal the high-stakes showdown brewing between the crypto world and Washington regulators.
Thank you to @RoKhanna for being an exceptional leader and engaging with the crypto industry. This morning’s crypto roundtable, bringing together folks like @mcuban, @iampaulgrewal, @ddisparte, etc with the White House and key congressional leaders such as @SenGillibrand and…
— Brad Garlinghouse (@bgarlinghouse) July 10, 2024
Garlinghouse’s comments followed a roundtable discussion hosted by U.S. Representative Ron Khanna, where he joined other prominent industry figures, including Mark Cuban, Anthony Scaramucci, and former CFTC Chair Chris Giancarlo. The discussion focused on the need for clear and balanced crypto regulation in the United States.
The roundtable discussion also included U.S. Congress members Kirsten Gillibrand and Joe Neguse, along with Coinbase’s Chief Legal Officer Paul Grewal and Circle’s Chief Strategy Officer Dante Disparte. During the event, Garlinghouse criticized Gensler, arguing that the Democratic Party’s perceived hostility towards crypto is what’s driving Republican support for the industry. He further commented:
“Unfortunately, the majority of Dems continue to enable Gensler’s unlawful war on crypto – sabotaging the ability for American innovation to thrive.”
Garlinghouse did not hold back there, snubbing Gensler a “Luddite” – a term for someone who resists new technology. In Garlinghouse’s view, Gensler’s skepticism is like trying to stop a tidal wave. He argues that by pushing back against crypto, Gensler is only pushing innovation and opportunities away from the U.S.
This is not the first time Garlinghouse has voiced opposition to Gensler’s regulatory approach. Last year, he criticized the SEC Chair’s argument that existing frameworks are sufficient for regulating crypto.
Garlinghouse’s outspoken criticism echoes concerns raised by other industry leaders, including Uniswap founder Hayden Adams, who in May suggested that the Biden administration’s stance on crypto could impact the upcoming election.While the Democrats’ position on digital assets remains a subject of debate, the Republican Party and its leading candidate, Donald Trump, have actively courted the crypto community, promising a more favorable regulatory environment. This evolving political landscape further complicates the already contentious debate over how to best regulate the rapidly growing crypto industry in the U.S.
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