Brad Garlinghouse, Ripple‘s CEO, criticized Gary Gensler, former SEC chair, for maintaining a confrontational approach towards the cryptocurrency sector, an attitude that remained unchanged during his tenure in office.
The Securities and Exchange Commission (SEC) plans to submit their initial argument in their appeal against Ripple on January 15th, and they are unwilling to push back this deadline. Five days after that, Chair Gary Gensler is expected to step down, leading to significant changes within the Commission. Under such circumstances, delaying the filing seems inconsequential.
Garlinghouse Mocks Gensler
Brad Garlinghouse has plenty of reasons to hold a grudge against the SEC Chair Gary Gensler.
About a year ago, he labeled Gensler as a political burden, and the ongoing legal dispute between Ripple and the SEC has made things even more complicated. Yet, Garlinghouse publicly criticized Gensler on social media recently, claiming that his actions in this case are unproductive and petty.
According to Garlinghouse, Gensler remains consistent with his brand, showing no concern for the 2024 election or the American public, and instead, he wholeheartedly persists in his unsuccessful ‘regulation-by-enforcement’ strategy until the very end. It’s unfortunate, he says.
Specifically, Garlinghouse responded to Stuart Alderoty, who serves as Ripple’s Chief Legal Officer. Alderoty suggested that the Securities and Exchange Commission is planning to file an appeal against Ripple five days before Gensler’s departure, which Alderoty refers to as a “misuse of time and taxpayer funds!
Gensler is attempting to prolong the conflict with Garlinghouse for as long as feasible.
Following Donald Trump’s re-election as U.S. President, Gensler and Garlinghouse find themselves on different sides of a significant shift in political climate. On the one hand, Garlinghouse has commended what he refers to as “The Trump Effect,” expressing optimism about a potentially more favorable Securities and Exchange Commission (SEC).
In the meantime, Gensler strongly expresses disdain towards the cryptocurrency sector. He continues to view it as an environment largely characterized by non-compliance, and populated by unscrupulous individuals.
Or,
While Gensler publicly shows disapproval of the crypto world, he persists in his belief that it is primarily a field rife with non-compliance and questionable characters.
Essentially, Garlinghouse implies that Gensler’s actions are driven by resentment. No matter what the SEC presents as their reasoning on January 15, it is possible that their case against Ripple could unravel within just a few days.
For the past few months, Garlinghouse has consistently expressed his belief that an XRP ETF is unavoidable, even given the SEC’s current unfavorable stance. At this point, a shift in the agency’s management or regulatory policies could appear to be a step in the right direction.
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2025-01-15 00:33