As part of broader ongoing efforts to align the cryptocurrency space with White House policies, Ripple CEO Brad Garlinghouse publicly criticized U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, highlighting tensions between the digital asset industry and government regulators.
Garlinghouse’s criticism centers on what he sees as SEC overreach and a lack of proper guidance under Gensler. Indeed, the Ripple executive believes the regulatory watchdog’s approach to the crypto landscape has consistently stymied innovation and proven ineffective.
A big step forward for the cryptocurrency sector
In the recent job on the X platform (formerly Twitter), Ripple Ripple CEO Brad Garlinghouse began by expressing his gratitude for U.S. Congressman Ro Khanna’s remarkable leadership and involvement in the cryptocurrency industry. The Ripple CEO’s recognition comes at a time when the digital asset industry is continually striving for clearer regulatory measures to promote development and compliance in the United States.
Pointing to the recently concluded cryptocurrency roundtable, which oversaw major figures like Mark Cuban, Coinbase Chief Legal Officer (CLO) Paul Grewal, Circle Chief Strategy Officer (CSO) Dante Disparte and U.S. House Representative Joe Neguse, among others, Garlinghouse noted that the development marks the first step toward turning words into action.
While Garlinghouse sees the roundtable as a big step forward for the industry, he unfortunately said most Democrats still support SEC Chairman Gary Gensler’s illegal war on crypto. According to Ripple CEO, this has consistently hampered America’s innovation potential. Republican Party declared its support for the digital asset sector.
The message read:
Unfortunately, the majority of Democrats continue to support Gensler’s illegal war on cryptocurrencies, sabotaging the ability of American innovation to thrive. It’s no wonder the GOP has announced a pro-cryptocurrency stance.
Given the current push to establish a clear regulatory environment for digital currencies, Garlinghouse criticized Gensler, saying he would come across as the Luddite of his time. “Words are easy, actions are hard but necessary. Choose wisely. Voters are paying attention,” he added.
More legislation needed, not litigation
As the digital asset industry continues to evolve, Coinbase CLO, Paul Grewal, Participants in the recently concluded roundtable stressed that the purpose of the meeting was to highlight the need for legislation, not new litigation.
According to For Grewal, as with politics, decisions are personal, and the 52 million Americans who own cryptocurrencies see the administration’s opposition to their access to the financial system as an attack on them. This is especially true for historically marginalized communities, which are disproportionately unbanked or underbanked.
So, thanks to this productive roundtable, Grewal believes there is hope again that all this can change, pointing to the current momentum around crypto because it is non-partisan.
Featured image from YouTube, chart from Tradingview.com
