Ripple CEO Calls Out Gensler's Hypocrisy on 'Pro-Innovation' Position

Ripple CEO Calls Out Gensler’s Hypocrisy on ‘Pro-Innovation’ Position

Updated: 07 June 2023

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Brad Garlinghouse, the Ripple CEO, strongly criticized the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler in the ongoing crypto regulation hurdles. Garlinghouse accused Gensler of presenting a facade of being “pro-innovation” while his stance is insincere.

These comments depict the tensions between regulatory authorities and crypto industry leaders, particularly regarding the approach toward fostering innovation and technological advancements.

Tensions Mount As Ripple CEO Takes On The SEC Chairman

In a recent tweet, Garlinghouse criticized SEC Gensler as an “unelected bureaucrat” attempting to conceal the powerlessness of himself and his agency. He argued that the SEC’s crackdown on the crypto industry is misguided and harmful to innovation.

Garlinghouse took to Twitter to express his strong criticism, stating;

“Chair Gensler’s so-called ‘pro-innovation’ stance – as he claimed today – is nothing short of the opposite, as recent events have unequivocally demonstrated.”

This criticism comes a few hours after the SEC’s chairman commented on an interview with CNBC, where he strongly stated his stance on digital currencies.

In his word, “We don’t need more digital currency.” He also argued that the U.S. Dollar, Yen, & Euro are already operating as digital assets.

In addition, Garlinghouse criticized the SEC for its approach of “throwing lawsuits at the wall, hoping to divert attention from the agency’s own FTX debacle.”

These remarks from Garlinghouse coincide with the ongoing Ripple’s SEC lawsuit, centering on the accusation of unregistered securities sales. Notably, the recent lawsuit by the SEC against Coinbase and Binance compelled Ripple CEO to react against Chair Gensler.

Also, the founder of Venture Capital firm Dizer Capital, Yassin Mobarak, remarked on the three lawsuits, Coinbase, Binance, and Ripple. According to him, the SEC losing to Ripple could result in a significant legal precedent that goes against the commission’s interests.

Yassin claimed that the SEC aims to thwart that damage by expediting their main attack plans to isolate the Ripple loss and claim that loss is only specific to the facts and circumstances of Ripple and XRP and does not apply to the whole industry.

These remarks highlight the escalating tension between the crypto industry and the SEC, as numerous company sees the agency’s regulatory measures as biased and unjustly aimed at them.

Despite the Regulatory Hurdles, XRP Price Exhibits Resilience

Amid the regulatory scrutiny that has impacted the entire crypto industry, XRP experienced a volatile period in recent weeks.

The crypto assets reached a significant level of $0.500 on May 30. But it faced challenges due to uncertainty surrounding the industry’s future. Nonetheless, the market has seen XRP reclaiming and surpassing the $0.500 threshold once more.

As of the time of writing, the asset is trading at $0.53, an increase of 4.7%, in the last 24-hour trading session. This price movement suggests that investors and traders are still optimistic about the future of XRP, despite the regulatory challenges.

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