- Ripple CEO Brad Garlinghouse warned SEC’s crackdown on crypto could sway US election politics.
- Garlinghouse criticized Gensler, calling him a “Luddite” hindering crypto innovation.
- Political shifts may impact US crypto regulation amid debates over Democratic and Republican stances.
Specifically, Ripple CEO, Brad Garlinghouse passed a solid warning to SEC Chair, Gary Gensler, saying that the agency’s actions might impact the industry before the elections.
The remarks made by Garlinghouse to a U.S. audience in this ongoing crypto debate demonstrate the high-profile stand-off between the crypto financial industries and the Washington regulatory authorities.
This came after a round-table discussion organized by the US representative for the entertainment industry, Ron Khanna, with notable personalities in the industry.
The discussion involved various members of the U. S. Congress, with Kirsten Gillibrand and Joe Neguse speaking. Other participants also involved Coinbase’s Chief Legal Officer Paul Grewal and Circle’s Chief Strategy Officer Dante Disparte as well. After several speeches and presentations, Garlinghouse spoke about Gensler and blamed the Democratic Party for the growing interest in cryptocurrencies among Republicans due to the perceived hostility towards crypto.
Garlinghouse did not hold back, referring to Gensler as a “Luddite,” a term for someone resisting new technology. He believes Gensler’s skepticism is like trying to stop a tidal wave, pushing innovation and opportunities away from the U.S. This is not the first time Garlinghouse has voiced opposition to Gensler’s regulatory approach.
Last year, he criticized the SEC Chair’s argument that existing frameworks are sufficient for regulating crypto.
Garlinghouse’s criticism echoes worries expressed by other industry leaders. Hayden Adams, the founder of Uniswap, stated that the Biden administration’s attitude on cryptocurrency could have an impact on the 2018 election.
While the Democrats’ stance on digital assets is debatable, the Republican Party and its leading contender, Donald Trump, have actively courted the crypto community, promising a more favourable regulatory environment. This shifting political landscape complicates the discussion over how to appropriately govern the fast expanding cryptocurrency business in the United States.
Garlinghouse’s comments underscore the heated discussion over cryptocurrency regulation. As the political atmosphere shifts, the future of US crypto legislation remains unpredictable, with substantial ramifications for the industry’s capacity to innovate and grow.
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