Ripple’s CEO has publicly criticized the Chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, accusing him of hypocrisy in his approach to regulating cryptocurrencies. Bradley Kent Garlinghouse, the CEO of Ripple, took to X (formerly Twitter) to label Gensler a hypocrite and criticize his recent comments about the crypto industry.
Garlinghouse accused Gensler of being involved in unverified fraudulent activities and criticized his actions as detrimental to consumers and the integrity of the SEC. This criticism follows Gensler’s public lament about fraud and bad actors in the crypto industry.
Ripple’s CEO’s condemnation comes amid the ongoing legal battle between Ripple and the SEC. The completion of the remedies-related discovery process between the SEC and Ripple is anticipated to bring more clarity to the lawsuit filed against Ripple and possibly a final settlement of the three-year-long legal dispute by April 12, 2024.
Reaction from the Ripple Community
The strained relationship between Ripple’s CEO and the SEC Chair traces back to the SEC’s lawsuit against Ripple in December 2020. The recent enforcement actions by the SEC on cryptocurrency exchanges and companies have fueled the hostility between the two parties, with Garlinghouse stating that the SEC has lost sight of its fundamental mission to protect investors.
Members of the crypto community have joined in criticizing Gensler’s approach towards cryptocurrencies, expressing disapproval of the SEC Chair’s stance, with some labeling him a hindrance to financial innovation in the US.
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