Amid the ongoing broader effort to align the cryptocurrency space with White House policy, 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 focuses on what he sees as SEC overregulation and a lack of proper guidance under Gensler’s leadership. This comes as the Ripple executive believes the regulatory watchdog’s strategy for the cryptocurrency landscape has consistently hindered innovation and has proven ineffective.
A Massive Step Forward for the Cryptocurrency Space
Recently fasting on platform X (formerly Twitter), Ripple CEO Brad Garlinghouse began by expressing gratitude for the extraordinary leadership and commitment of U.S. Congressman Ro Khanna to the cryptocurrency industry. The Ripple CEO’s recognition comes amid ongoing efforts by the digital asset sector to seek clearer regulatory measures to promote growth and compliance in the U.S.
Noting the recently concluded cryptocurrency roundtable, which featured the likes of Mark Cuban, Paul Grewal, Coinbase’s Chief Legal Officer, Dante Disparte, Circle’s Chief Strategy Officer, and Joe Neguse, a member of the U.S. House of Representatives, Garlinghouse noted that the event is the first step toward turning words into action.
While Garlinghouse sees the roundtable as a great step forward for the industry, he lamented that most Democrats still support U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s illegal war on cryptocurrencies. According to the Ripple CEO, this has consistently hindered the development of American innovation potential. As a result Republican Party declared support for the digital assets sector.
The post said:
Unfortunately, most Democrats continue to enable Gensler’s lawless war on cryptocurrencies, sabotaging the opportunity for American innovation to thrive. It’s no wonder the GOP has announced a pro-crypto stance.
Given the current efforts to create a clear regulatory environment for digital currencies, Garlinghouse criticized Gensler, saying he will go down in history as the Luddite of his time. “Words are easy, action is hard, but necessary. Choose wisely. Voters are paying attention,” he added.
More legislation is needed, not litigation
As the digital asset sector evolves, Coinbase CLO, Paul Grewal, Those present at the recently concluded roundtable stressed that the aim of the meeting was to highlight the need for legislation, not further lawsuits.
According to For Grewal, like politics, politics is personal, and the 52 million Americans who held cryptocurrencies see the administration’s pushback against their access to the financial system as an attack on them. This is especially true for historically marginalized communities that are disproportionately unbanked or underbanked.
As such, Grewal believes that with a productive roundtable, there is once again hope to change all these things, underlining the current momentum around crypto because it is non-partisan.
Featured image is from YouTube, chart is from Tradingview.com
