Highlights:
- Brad Garlinghouse criticizes SEC Chair Gary Gensler for negatively impacting the crypto industry.
- Mark Cuban echoes Garlinghouse, blaming Gensler for regulatory failures affecting the 2024 election.
- Former President Donald Trump supports crypto, which contrasts with Gensler’s approach and Biden’s administration.
Ripple CEO Brad Garlinghouse recently voiced strong criticism against U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, asserting that Gensler’s actions could cause President Joe Biden to lose the upcoming 2024 presidential election. Garlinghouse’s remarks came during his appearance at the Bloomberg Invest Summit in New York.
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Absolute nonsense coming from @GaryGensler today.
And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.
If he was really “working for the… https://t.co/c3ynB5Gncl
— Brad Garlinghouse (@bgarlinghouse) June 25, 2024
Garlinghouse’s Concerns
During the summit, Gensler spoke about the state of the cryptocurrency industry, stating, “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.” He added, “That’s the field right now where the public has really been harmed. And there’s significant non-compliance in the field.”
“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.” @SECGov Chair @GaryGensler #BloombergInvest @annmarie pic.twitter.com/KP6kyzwHTk
— Bloomberg Live (@BloombergLive) June 25, 2024
In response, Garlinghouse took to X (formerly Twitter), describing Gensler’s statements as “absolute nonsense.” He criticized Gensler for slandering the crypto industry and highlighted the SEC Chair’s perceived failures. “This slander about ‘all crypto execs going to jail’ from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance,” Garlinghouse said. He further claimed,
If he was really ‘working for the American people’ as he says, he would have been fired a long time ago. Gensler will cause Biden to lose the election.
Mark Cuban’s Perspective
Garlinghouse’s sentiments were echoed by billionaire entrepreneur and crypto investor Mark Cuban. Cuban suggested that the SEC’s handling of cryptocurrency regulation could influence the 2024 presidential election. “If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC,” Cuban stated. He highlighted cryptocurrency’s importance to younger and independent voters. Furthermore, he criticized Gensler for complicating operations for legitimate crypto companies.
If @joebiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC
Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUDAll he has done is make it nearly impossible for… https://t.co/uBKupxLhS9
— Mark Cuban (@mcuban) May 10, 2024
Speaking at Coinbase’s State of Crypto Summit earlier this month, Cuban reiterated his stance, saying Gensler’s actions could “literally cost Joe Biden the election.” Cuban argued that Gensler failed to protect investors from fraud and hampered the growth of the crypto industry.
Political Implications
In contrast to Gensler’s approach, former President Donald Trump, the presumptive Republican presidential nominee, has shown support for the crypto industry. Trump has accepted cryptocurrency for campaign donations and has criticized the Biden administration’s stance on digital assets. This support may appeal to voters who are dissatisfied with current regulatory measures.
The Biden administration has recently changed its stance on cryptocurrency. Now, they are showing a willingness to engage with digital assets and their communities. The reinstatement of cybersecurity expert Carole House by the White House signals renewed interest in developing coherent crypto policies.
When asked about Cuban’s accusation that he could be to blame if Biden loses the election, Gensler responded, “I don’t speak about elections.” He emphasized his role as a securities regulator, focusing on protecting investors and maintaining compliance within the capital markets.
At the Bloomberg Invest Summit, Gensler also addressed the progress of spot Ethereum ETFs in the U.S., stating that the process was “going smoothly.” He noted that the asset managers need to ensure full disclosure for the registration statements to become effective.
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