- Ripple CEO Brad Garlinghouse denounces SEC Chair Gary Gensler’s approach to crypto regulation as ‘insanity.’
- Garlinghouse raises concerns over delays in approving bitcoin exchange-traded funds (ETFs) and legal actions against companies like Ripple, questioning Gensler’s alignment with national interests and long-term economic growth.
Brad Garlinghouse Labels SEC Chair Gary Gensler’s Crypto Stance as ‘Insanity’
Ripple CEO Brad Garlinghouse recently engaged in a fiery exchange of words, characterizing the regulatory approach of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler as nothing short of
This sharp criticism stems from Gensler’s stance on crypto regulations, prolonged delays in approving spot Bitcoin exchange-traded funds (ETFs), and high-profile legal battles, including Ripple’s ongoing lawsuit.
As tensions escalate within the cryptocurrency industry, Garlinghouse’s remarks have ignited discussions about Gensler’s alignment with the interests of U.S. citizens and the long-term growth of the economy. Speculation now swirls regarding the possibility of a leadership change within the SEC.
A Political Liability and Regulatory Concerns
Brad Garlinghouse did not mince words in expressing his concerns about SEC Chair Gary Gensler’s approach to regulating the crypto industry. He criticized the extended delays in approving spot Bitcoin ETFs and highlighted the ongoing legal actions against companies like Ripple. Garlinghouse went as far as labeling Gensler a “political liability” for the United States, raising questions about the SEC chair’s intentions and their potential impact on the cryptocurrency sector.
This is not the first time Garlinghouse has referred to Gensler as a “political liability.” He previously accused Gensler of being involved with former FTX CEO Sam Bankman-Fried, drawing attention to their meetings amidst irregularities surrounding FTX’s collapse in November 2022. Furthermore, Garlinghouse asserted that Gensler’s actions have harmed consumers and eroded the SEC’s integrity.
These heated remarks underscore the mounting tensions within the cryptocurrency industry and introduce an element of political controversy into Gensler’s regulatory leadership.
The Battle Over Spot BTC ETFs
While the recent approval of spot Bitcoin ETFs by the SEC marked a significant milestone for the crypto space, Gary Gensler’s persistent concerns regarding the associated risks and susceptibility to price manipulation have drawn criticism. Garlinghouse, in response, has characterized Gensler’s approach as “insanity,” emphasizing the repeated legal battles and losses faced by the SEC.
Garlinghouse pointed out the adage that defines insanity as doing the same thing repeatedly and expecting a different outcome. He believes that Gensler’s strategy is flawed and questions his ability to navigate the ever-evolving landscape of cryptocurrencies. As the conflict between regulatory bodies and the crypto industry intensifies, Garlinghouse’s prediction of a potential change in SEC leadership leaves the crypto community in a state of uncertainty.
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