Ripple CEO Brad Garlinghouse lashed out at U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler on Tuesday, calling him a “political problem.”
Garlinghouse's criticisms were directed at Gensler's handling of the crypto industry, including dragging out the approval process for spot Bitcoin ETFs and filing massive lawsuits against companies including Ripple.
Speaking to CNBC's Arjun Kharpal during a conversation at the World Economic Forum in Davos, Switzerland, Garlinghouse said:
“I think SEC Chairman Gary Gensler is a political problem in the United States. “I think it's not acting in the interests of the citizens, it's not acting in the long-term growth of the economy, and I don't understand that.”
“I think at some point the SEC will have a new chairman, and I think that will be a good thing for the American people.”
Last week, the SEC approved a group of spot Bitcoin ETFs, allowing these products to begin trading. However, Gensler has consistently expressed concerns about the risks associated with approving BTC ETFs, citing that cryptocurrencies operate in unregulated markets and are susceptible to price manipulation.
*This is not investment advice.