Ripple CEO Brad Garlinghouse: Gensler’s Missteps Could Cost Biden the Election
SEC Chair Gary Gensler faced tough questions on Tuesday, stirring interest within the crypto community. Speaking at the Bloomberg Invest Summit, he provided insights on the current state of the crypto market.
“There’s 15 to 20,000 various tokens and they’re offered in investment contracts, schemes that are investment contracts and you look at it. The American public is not getting the proper disclosure that they are required to get by law.”
The SEC Chair added, “And the intermediaries, in the middle of the market, those so-called exchanges, broker-dealers, and so forth, if they’ve got hundreds of offerings on that platform, think about it, how many of those offerings don’t have some group of entrepreneurs in the middle. It just sort of belies logic.”
Ripple CEO Brad Garlinghouse reacted to one particular Gensler interview, saying : “Absolute nonsense coming from Gary Gensler today. 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. If he was really “working for the American people” as he says, he would have been fired a long time ago. Gensler will cause Biden to lose the election.”
In the Bloomberg interview shared by Garlinghouse, the SEC Chair said, “This is a field that the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition. Think about it, this is that field. That’s the field right now, where the public has really been harmed. And there’s significant non-compliance in the field.”
Ripple is not backing down and continues to fight vigorously for itself and the broader crypto community. With the presidential elections approaching and the intense battle between Donald Trump and Joe Biden heating up, the stance on cryptocurrency regulation could significantly influence the outcome.
Ripple Arrives in Dubai
With this in mind, it is worth noting that Ripple has been advancing not only in its battle with the SEC, but is taking the chance to also also accomplish goals in other crypto-friendly countries. Not long ago, it achieved a major milestone with the approval of its digital asset XRP by the Dubai Financial Services Authority (DFSA) for use in the Dubai International Financial Centre (DIFC). This development significantly expands the DIFC’s digital asset ecosystem, allowing licensed virtual asset companies to integrate XRP into their services.
In an interview with Unlock Blockchain, Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, emphasized the UAE’s proactive regulatory environment, especially in the Dubai International Financial Centre (DIFC). He underscored Ripple’s commitment to regulatory compliance and navigating frameworks while expanding in the region.
