Ripple CEO Brad Garlinhouse Fires At SEC Over Crypto Noncompliance Comments
Ripple CEO Brad Garlinghouse has lashed out at the US Securities and Exchange Commission (SEC) chair Gary Gensler, accusing him of “stunning hypocrisy” in the crypto industry.
Garlinghouse’s criticism comes in response to Gensler’s recent comments about widespread noncompliance within the crypto space, emphasizing the negative impact on individuals and the difficulty for legitimate actors to compete.
“There is a lot of noncompliance in the crypto space,” Gensler said.
“It undermines confidence when so many people have been hurt and all they can do is stand in line in the bankruptcy court. Further, this can make it hard for the good faith actors to compete.”
However, Garlinghouse pointed out that Gensler had “cozied up to the biggest fraud in recent memory” and accused him of harming consumers while maintaining close ties with Wall Street.
Stunning hypocrisy from the person who cozied up to the biggest fraud in recent memory.
Gensler is a political liability whose actions have decimated consumers and destroyed the integrity of the SEC, while remaining buddy-buddy with Wall Street. https://t.co/hAgjJ9IsGR https://t.co/D3pz4Dq3yy
— Brad Garlinghouse (@bgarlinghouse) December 21, 2023
This is not the first time Garlinghouse has expressed his disapproval of Gensler’s actions.
Previously, he had likened Gensler’s approach to that of an autocrat and urged Congress to pay attention to his conduct.
The broader crypto community has rallied behind Garlinghouse’s criticism, viewing Gensler as a primary adversary to the emerging industry.
Many stakeholders have criticized Gensler’s strict regulatory approach, arguing that the SEC is applying outdated securities laws to innovative crypto finance models like decentralized
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