Ripple CEO Says Biden Will Lose Election Because of SEC’s Gensler

Published: Jun 26, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

In his interview on Bloomberg Live, SEC Chair Gary Gensler took another jab at the crypto industry. Gensler’s recent statement pushed the Ripple CEO to speak about Gensler and his actions against the crypto industry.

Key points from Gensler’s statement:

  • Thousands of tokens are being offered as investment contracts without proper disclosure.
  • Intermediaries like exchanges and broker-dealers are offering hundreds of tokens, raising questions about their legitimacy.
  • Many leading figures in the crypto space are facing legal troubles or jail time.
  • There is major non-compliance within the industry.

Gensler’s statement focused on the lack of transparency and disclosure in the crypto market. He emphasized that American investors are not receiving the information they are entitled to by law.

The SEC Chair also spoke about the existence of 15,000 to 20,000 various tokens. The SEC Chair questioned the legitimacy of platforms offering hundreds of tokens.

Gensler also highlighted the legal troubles facing prominent figures in the crypto industry. He stated that many are either in jail, facing imprisonment, or awaiting extradition.  

Also read: Robert Kiyosaki Shares His Bitcoin Strategy Amid The Dip

Ripple CEO responds to SEC’s Gensler

Ripple CEO Brad Garlinghouse swiftly responded to Gensler’s comments. He dismissed them as “absolute nonsense” in his latest tweet.

Garlinghouse accused the SEC Chair of slander and pointed out the regulator’s failure to prevent major scandals like the collapse of FTX.

He also noted Gensler’s absence from the Department of Justice’s announcement regarding Binance. In addition, he questioned the SEC’s effectiveness in addressing major industry issues.

Garlinghouse suggested that Gensler’s approach to cryptocurrency regulation could have far-reaching consequences. He also added that it could impact the upcoming presidential election.

The Ripple CEO argued that if Gensler were truly working in the best interests of the American people, he would have been removed from his position long ago. Ripple’s CEO concluded the tweet by stating that Gensler will cause Biden to lose the election.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.