Ripple CEO Brad Garlinghouse has recently claimed that US Securities and Exchange Commission (SEC) Chair Gary Gensler’s actions could lead to President Joe Biden losing the 2024 Presidential Election. Garlinghouse voiced his concerns on X (formerly Twitter), highlighting Gensler’s influence on the country’s current state regarding digital assets.
Ripple vs. SEC: A Longstanding Legal Battle
Ripple and the SEC have been embroiled in a legal dispute for years. The SEC has accused Ripple of conducting an unregistered securities offering through the sale of XRP, Ripple’s native cryptocurrency. Garlinghouse, however, is not alone in his criticism of Gensler. Mark Cuban, the star of Shark Tank, has also expressed similar views about the SEC chair’s potential impact on the upcoming presidential race.
Garlinghouse Predicts Political Consequences
Garlinghouse has stated that Gensler’s actions will drive voters away from Biden, potentially leading to a victory for former President Donald Trump. Speaking at the Bloomberg Invest Summit, Gensler criticized the cryptocurrency industry, saying, “This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition. That’s the field right now where the public has really been harmed. And there’s significant non-compliance in the field.”
Also Read: Ripple’s Legal Troubles Deepen as Judge Allows Securities Suit
Strong Reactions from Ripple’s CEO
Garlinghouse did not take kindly to Gensler’s remarks, calling them “absolute nonsense.” He pointed out that Gensler had “completely missed FTX” and had “cozied up to SBF” (Sam Bankman-Fried, FTX’s founder). Furthermore, Garlinghouse criticized Gensler for not being invited to the Department of Justice’s announcement regarding Binance. He argued that if Gensler were truly working for the American people, he would have been fired already, and concluded that Gensler’s actions would lead to Biden’s defeat in the upcoming election.
Mark Cuban’s Agreement
Mark Cuban echoed Garlinghouse’s sentiment in a post on X, suggesting that Gensler and the SEC could be to blame if Biden loses the election. Cuban’s comments reflect a broader discontent within the crypto industry towards the SEC’s regulatory stance under Gensler. Unlike Biden, former President Trump has shown a more favorable attitude towards cryptocurrencies, which could influence the election outcome.
