Ripple CEO Brad Garlinghouse criticizes SEC Chair Gensler, highlighting regulatory tensions amid efforts to align crypto with White House policies.
Ripple CEO Brad Garlinghouse’s public criticism of US Securities and Exchange Commission (SEC) chairman Gary Gensler highlights the tensions between the government regulators and the digital asset industry amid broader ongoing efforts to align the cryptocurrency space with White House policies.
Garlinghouse’s criticism centers on what he considers SEC regulatory overreach and the lack of appropriate guidelines under Gensler’s direction. This is due to the Ripple executive’s opinion that the regulatory watchdog’s approach to cryptocurrency has consistently hampered advancements and needs to be more effective.
A Significant Advance For The Crypto Industry
Ripple CEO Brad Garlinghouse began his recent post on the X (formerly Twitter) platform by thanking US Congressman Ro Khanna for his outstanding leadership and participation in the cryptocurrency industry. The recognition from the CEO of Ripple comes during the ongoing efforts of the digital asset industry to secure more apparent regulatory measures to support growth and compliance in the United States.
The first step towards converting words into actions is being marked, according to Garlinghouse, who drew attention to the recently concluded crypto roundtable that included prominent figures like Coinbase’s Chief Legal Officer (CLO) Paul Grewal, Circle’s Chief Strategy Officer (CSO) Dante Disparte, and US House of Representative Joe Neguse, among others.
Regretfully, Garlinghouse said that most Democrats continue to back US SEC chairman Gary Gensler’s illegal campaign against cryptocurrencies, even if he saw the roundtable as a significant step forward for the industry. The CEO of Ripple claims that this has consistently hampered the chances of American innovation succeeding. Consequently, the GOP has said that it supports the digital asset market.
The article said:
Unfortunately, the majority of Dems continue to enable Gensler’s unlawful war on crypto, sabotaging the ability for American innovation to thrive. It’s no wonder the GOP has announced a pro-crypto stance.
Garlinghouse has chastised Gensler, claiming he will be remembered as the Luddite of his day in light of the ongoing efforts to establish a transparent regulatory framework for digital currencies. “Speech is simple; action is difficult but vital.” Make informed decisions. “Voters are observing,” he continued.
More Law is Needed, Not Litigation
Coinbase CLO Paul Grewal, who was present at the just-ended roundtable, noted that the goal of the discussion was to emphasize the need for legislation rather than additional litigation, given how the digital asset market is still developing.
Grewal claims that policies are personal, much like politics, and that the 52 million Americans who have owned cryptocurrency saw the administration’s resistance to their entry into the financial system as an assault on their rights. Given that historically marginalized communities are typically underbanked or unbanked, this is particularly true for them.
Grewal believes that there is hope for all of these to change due to the fruitful roundtable, which highlights cryptocurrency’s present momentum due to its nonpartisanship.
