The intense legal tussle between the US Securities and Exchange Commission (SEC) and Ripple has grabbed the spotlight in the crypto industry for a long period. However, Ripple CEO Brad Garlinghouse has made headlines for his sharp response to the latest comments by the SEC chair Gary Gensler.
Ripple CEO slams SEC chair
As per reports, Gensler stated that crypto 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.”
On the SEC’s stance on crypto, he stated that “The American public is not getting the proper disclosure that they are required to get by law, but they need.”
Garlinghouse took to X to express his disapproval. He stated that this is absolute nonsense coming from Gary Gensler. He added “ And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.”
Ripple CEO mentioned that “if he was really “working for the American people” as he says, he would have been fired a long time ago.”
He made a big statement suggesting that Gensler will cause Biden to lose the election.
SEC again under scrutiny
Garlinghouse is also under scrutiny due to a lawsuit in California, where he is accused of making misleading statements about his confidence in XRP while allegedly selling millions of tokens. This case is set to go to trial and adds to the ongoing tension between Ripple and the SEC, which have been engaged in a prolonged legal battle.
Gensler’s comments and Garlinghouse’s sharp retort highlight the ongoing friction between regulatory bodies and the cryptocurrency industry. Gensler’s criticism of the crypto sector underscores the SEC’s stance on the need for stringent regulation to protect investors, citing significant non-compliance within the industry.
Garlinghouse’s remarks suggest that the SEC’s actions could have broader political consequences. By linking Gensler’s regulatory approach to President Biden’s potential electoral challenges, Garlinghouse and Cuban highlight a crucial point of contention in the ongoing debate over cryptocurrency regulation in the US.
On the market side, Ripple’s native crypto, XRP, is down by 12% over the last 30 days. XRP is trading at an average price of $0.471, at the press time. Its 24 hour trading volume is down by 16% to stand at $867 million.
