Ripple CEO Attacks SEC Chair, Warns of Election Impact

Ripple CEO Brad Garlinghouse has slammed SEC Chair Gary Gensler, claiming his actions could cost President Joe Biden the election in November. This comes as Donald Trump, Biden’s likely opponent, strongly supports cryptocurrencies.

At the Bloomberg Invest Summit on Tuesday, Gensler refused to discuss the upcoming election or crypto’s potential impact. “I don’t speak about elections,” he said when asked about the overlap of cryptocurrency and politics. He was responding to questions about Trump’s growing crypto support and criticism from wealthy entrepreneurs like Mark Cuban.

Gensler then made a bold claim about the crypto industry. He said many crypto leaders from a few years ago are now in jail or facing legal troubles. He added that crypto has hurt the public, and many in the industry break rules.

Garlinghouse fired back at Gensler’s comments. He called them “absolute nonsense” and criticized Gensler for missing the FTX scandal while getting close to its founder. Garlinghouse stated that if Gensler truly worked for the American people, he would have been fired long ago. He ended by predicting Gensler would cause Biden to lose the election.

Ripple: Gensler Updates on Spot Ether ETFs Amid Crypto Tensions

On the topic of spot Ether ETFs, Gensler provided an update. He didn’t give a launch date but said the process is “going smoothly.” He explained that asset managers must now provide full information to approve their registration papers.

Gensler stressed the importance of these disclosures for investors. Last month, the SEC approved forms for Ethereum ETFs from eight companies. Gensler had previously stated these ETFs would start trading by the end of summer.

The clash between Garlinghouse and Gensler highlights the growing tension between the crypto industry and regulators. As the election approaches, the debate over cryptocurrency regulation could become a key political issue. With Trump supporting crypto and Biden’s administration taking a tougher stance, the election outcome could have significant implications for the future of digital assets in the United States.

Related Reading | XRP Lawsuit Moves Forward: Ripple CEO Faces Jury Over Security Law Claims

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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