The war of words between key Ripple Labs employees and the Securities and Exchange Commission (SEC) continues.

In the latest moment in the Ripple v. SEC story, Ripple co-founder Chris Larsen made harsh comments about SEC Chairman Gary Gensler, saying he is “the worst public official of all time.”

Larsen commented on Gensler in a recent interview with CNBC after he highlighted the country’s failed crypto policy and his decision to support Kamala Harris’ campaign.

While Larsen shared his distrust of Gensler and even Lina Khan of the Federal Trade Commission, he gave no specific answer on whether he agreed to remove Gensler from his position.

Ripple and the SEC: A History of Lawsuits and Counterclaims

Ripple’s dispute with the SEC dates back to overdue 2020, when Larsen and Ripple CEO Brad Garlinghouse were named defendants. According to the SEC’s lawsuit, the duo was responsible for aiding and enabling Ripple’s alleged securities law violations.

.@Ripple Chairman Chris Larsen calls Gary Gensler

The worst public official in US history 🤣 pic.twitter.com/1jQyG5FbJN

— 𝗕𝗮𝗽𝗲XRP (@BankXRP) October 26, 2024

In SEC v. Ripple, the agency alleged that Ripple sold an unregistered securities offering. Ripple responded that XRP should not be treated as a security, referencing previous comments from the SEC director to justify its position.

By October 2023, the company filed a motion to dismiss the charges. Garlinghouse commented that the agency simply wanted to ruin him personally.

SEC Files Complaint Against Ripple (Again), Then Files Ripple Appeal

In a July 2023 ruling, the judge ruled that while Ripple’s sale of the token to institutional buyers violated existing securities laws, its programmatic sale on retail exchanges was public.

Nearly two months after the judge’s ruling, the agency immediately filed an appeal. In its Form C, the agency said it would continue to pursue Ripple executives.

Following the SEC’s appeal, Ripple also filed a cross-appeal. The Form C filing came days after the company’s management said it would leave nothing on the table in its defense.

Gensler’s tough stance on cryptocurrencies

Many people in the cryptocurrency industry initially saw a glowing future ahead of them with Gensler at the helm. Gensler was tech-savvy, well-known in academia, and even taught a course on blockchain at the Massachusetts Institute of Technology (MIT).

However, Gensler has taken a tough stance on cryptocurrencies, starting with the agency’s campaign against Binance and Coinbase.

In recent years, the SEC’s campaign against Ripple has gained industry attention. Gensler’s aggressive policy regarding cryptocurrencies and Ripple has generated a lot of heated words.

Ripple’s Garlinghouse has already criticized Gensler for preventing the development of cryptocurrencies and slammed the agency for failing to stop FTX’s collapse.

Featured image from CNBC, chart from TradingView