Ripple CEO Brad Garlinghouse, who is nearing the end of his legal battle with the SEC, harshly criticized SEC Chairman Gary Gensler's statements against the cryptocurrency industry.
In his statement at the Bloomberg Investment Summit, SEC Chairman Gary Gensler said that the cryptocurrency industry is a sector where most executives go to prison.
“The crypto industry is an area where the leading figures from a few years ago are either in prison, about to go to prison, or awaiting extradition,” Gensler said.
The response from Ripple CEO to Gensler's comment was immediate. Garlinghouse was harshly critical of Gensler's comments, calling them “utter nonsense.”
Noting his lack of invitation to the Department of Justice's meeting on the Binance investigation and Gensler's failure to address the FTX collapse, as well as his strong ties with Sam Bankman-Fried, Garlinghouse claimed that Gensler could cause US President Joe Biden to lose the 2024 elections.
“Gensler's statements are complete nonsense.
This man, who completely overlooked FTX and was not even invited to the meeting of the US Department of Justice in the Binance investigation, says that all crypto managers will go to jail. It is a great nonsense and slander.
If he really was “working for the American people” as he says, he would have been fired long ago.
Gensler will cause Biden to lose the election.”
Brad Garlinghouse is not the first or only person to think that Gensler's actions will cause Joe Biden to lose the election. Famous US billionaire Mark Cuban also made similar statements to Ripple CEO last May.
*This is not investment advice.