Ripple CEO Brad Garlinghouse Claims SEC Chair Will Make Biden Lose Election
Ripple CEO Brad Garlinghouse criticized US Securities and Exchange Commission (SEC) Chair Gary Gensler’s views and actions regarding the crypto industry on June 25, suggesting they could adversely affect President Biden’s re-election bid in November.
Garlinghouse reacted to the US SEC’s Chair’s viral interview with journalist Annmarie Horder at the Bloomberg Invest event in New York on June 25.
In the interview, Gary Gensler slammed the crypto industry, describing it as a field where former trailblazers were either imprisoned or battling court cases.
He argued that the sector is non-compliant with current regulations, which have led to convictions of top executives in the field.
The Ripple CEO quickly dismissed Gensler’s comments on the interview, tagging them as “absolute nonsense.”
Garlinghouse criticized Gensler’s leadership style regarding his oversight of FTX’s collapse, noting that the exchange’s bankruptcy in November 2022 revealed severe mismanagement.
Press Release pic.twitter.com/rgxq3QSBqm
— FTX (@FTX_Official) November 11, 2022
Investigations showed that FTX had misappropriated client funds, with founder and CEO Sam Bankman-Fried (SBF) using these funds for political contributions, donations to institutions like Stanford, and personal luxuries.
There were reports of a close relationship between SBF and Gensler before FTX’s bankruptcy announcement, however. Sources say some of Gensler’s old cronies also worked for FTX and were responsible for arranging meetings between SBF and the SEC chair.
Congressman Tom Emmer even alleged that Gensler had been helping Bankman-Fried and FTX abuse legal loopholes to establish a regulatory monopoly.
Interesting. @GaryGensler runs to the media while reports to my office allege he was
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