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Ripple CEO Brad Garlinghouse launched a withering attack on US Securities and Exchange Commission (SEC) chair Gary Gensler after the regulator posted a tweet about ”noncompliance in the crypto space.”
“Stunning hypocrisy from the person who cozied up to the biggest fraud in recent memory,” said Garlinghouse in a tweet, without detailing the fraud he referred to. “Gensler is a political liability whose actions have decimated consumers and destroyed the integrity of the SEC, while remaining buddy-buddy with Wall Street.”
Stunning hypocrisy from the person who cozied up to the biggest fraud in recent memory.
Gensler is a political liability whose actions have decimated consumers and destroyed the integrity of the SEC, while remaining buddy-buddy with Wall Street. https://t.co/hAgjJ9IsGR https://t.co/D3pz4Dq3yy
— Brad Garlinghouse (@bgarlinghouse) December 21, 2023
SEC Chair Gensler Said ”Noncompliance” Is Undermining Crypto Industry
The SEC chair had highlighted in his tweet how non-compliance in the crypto space undermines the industry.
“It undermines confidence when so many people have been hurt and all they can do is stand in line in the bankruptcy court,” he said. “Further, this can make it hard for the good faith actors to compete.”
There is a lot of noncompliance in the crypto space. It undermines confidence when so many people have been hurt and all they can do is stand in line in the bankruptcy court. Further, this can make it hard for the good faith actors to compete. pic.twitter.com/9L1WKa4R6S
— Gary Gensler (@GaryGensler) December 21, 2023
The SEC has adopted a tough stance against the crypto industry this year, prompting critics in the sector to accuse it of using a regulation-by-enforcement strategy and of overreaching its authority.
They say that without a clear regulatory structure for the crypto industry, it’s almost impossible for firms to comply, while Gensler’s stance has been that current securities laws are applicable to the crypto industry and must be enforced.
bro you’ve never laid out any actual rules, you just hand wave
you’re basically useless in every single way
— Shibetoshi Nakamoto (@BillyM2k) December 21, 2023
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