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Ripple CEO Brad Garlinghouse claimed Securities and Exchange Commission Chair Gary Gensler will force Joe Biden to lose the November U.S. presidential contest.
Speaking on the crypto sector at a Bloomberg Invest Summit in New York on Tuesday, Gensler remarked, “This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition.”
“That field right now is one where public damage has truly occurred. And field non-compliance is really high,” Gensler said.
“Absolute stupidity emanating from Gary Gensler,” Garlinghouse answered on X. “And this slander about ‘all crypto execs going to jail’ from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.”
“If he was really ‘working for the American people’ as he says, he would have been fired a long time ago,” Garlinghouse said. “Gensler will lead Biden to lose the election.”
Since 2020, the SEC and Ripple have been entangled in a legal dispute when the agency accused Ripple of raising $1.3 billion via the sale of XRP, allegedly unregistered security.
Judge Analisa Torres decided last year that a blind bid system in place for some of Ripple’s XRP sales rendered some of their sales programmatically non-violative of securities laws. She did, however, mandate that additional direct sales of the token to institutional investors constitute securities investment contracts.
Mark Cuban Weighs In
Garlinghouse is not the only person expressing similar opinions; billionaire entrepreneur and crypto investor Mark Cuban said last month that voters in the 2024 presidential contest may be impacted by the way the U.S. has handled cryptocurrencies.
“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC,” Cuban stated then. “Bitcoin is a mainstay with younger and independent voters.”
“All he has done is make it nearly impossible for legitimate crypto companies to operate, killing who knows how many businesses and ruining who knows how many investors have been deprived of proper protection against fraud,” Cuban said.
Speaking earlier this month at Coinbase’s State of Crypto Summit, Cuban reaffirmed the remarks, stating Gensler might “literally cost Joe Biden the election.”
By contrast, the presumed Republican presidential contender, former President Donald Trump, has gone on record endorsing cryptocurrencies, embracing them for campaign donations, and branding Democrats and the Biden administration as anti-crypto.
“I don’t speak about elections,” Gensler said when asked at the event to respond to billionaire Mark Cuban’s charges that Gensler personally would be to blame should President Biden lose the race.
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