Ripple CEO Warns SEC Policy Could Cost Biden the Election

The approach of SEC Chairman Gary Gensler may lead to Joe Biden’s defeat in the upcoming U.S. presidential election in November, according to Ripple CEO Brad Garlinghouse.

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

The executive was outraged by the official’s remarks at the Bloomberg Invest summit in New York, where he claimed that key industry players are “either in jail, about to go to jail, or awaiting extradition.”

Garlinghouse called these statements “nonsense.”

“And this slander […] 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 Gensler was really “working for the American people,” as he says, he would have been fired long ago. The SEC head will lead to Biden losing the election,” added the Ripple CEO.

Ripple and the SEC have been embroiled in a legal battle since 2020, when the Commission accused Ripple of raising $1.3 billion through the sale of XRP as unregistered securities.

In July 2023, Judge Analisa Torres ruled in favor of the company. The case regarding institutional sales of XRP by the company continues.

In May 2024, billionaire investor Mark Cuban stated that Gensler’s stance on cryptocurrencies could hinder Biden’s re-election as president.

A month later, he reiterated his position.

Back in 2023, during debates with former SEC attorney John Reed Stark, the billionaire claimed that the regulator is “throwing cryptocurrency under the bus.”