Reported by CoinWorld:
Ripple CEO Brad Garlinghouse fiercely criticized U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler for his recent defamation of most cryptocurrency executives as being imprisoned.
In a tweet, Garlinghouse stated that Gensler and his approach to cryptocurrency regulation would lead to U.S. President Joe Biden’s defeat in the upcoming election.
Gensler Discusses Crypto Enforcement
In an interview with Bloomberg on Tuesday, Gensler discussed the U.S. cryptocurrency industry, the impending Ethereum Exchange-Traded Fund (ETF), cryptocurrency regulation, and the fate of industry executives.
Although the SEC Chairman remained silent on the launch date of the Ethereum ETF, stating that discussions were progressing well, he dismissed claims of inconsistency between cryptocurrencies and securities laws, insisting that no such inconsistency exists.
Gensler stated that the cryptocurrency field is rife with violations, causing significant harm to American investors. He noted that the number of crypto executives either in prison or awaiting sentencing highlights a clear lack of compliance.
Gensler said, “This is a field where a few years ago, leaders were either in prison, about to be in prison, or awaiting extradition. Think about it. This is the field. This is where the public is genuinely getting hurt right now. And this field has significant violations.”
Causing Biden to Lose the Election
Garlinghouse criticized Gensler, calling his remarks “pure nonsense.” The Ripple CEO claimed that the defamation of cryptocurrency executives came from someone who missed the fraudulent plan of the bankrupt exchange FTX and even “coddled” the platform’s founder Sam Bankman Fried, who was sentenced to 25 years in prison for his role in the case.
Furthermore, Garlinghouse pointed out that Gensler’s incompetence was evident when he was absent as the Department of Justice announced a multi-billion dollar settlement with the world’s largest cryptocurrency exchange, Binance.
The Ripple CEO added, “If he really was ‘working for the American people’ as he claims, he would have been fired long ago. Gensler will cause Biden to lose the election.”
Garlinghouse’s comments echoed those of billionaire entrepreneur and cryptocurrency investor Mark Cuban, who stated in recent months that Gensler might cause Biden to lose the election because of young American citizens who own cryptocurrencies