Ripple CEO Brad Garlinghouse believes SEC chair Gary Gensler’s actions could jeopardize President Joe Biden’s chances in the upcoming November elections.

Garlinghouse made the statement via social media platform X in reaction to Gensler’s June 25 Bloomberg interview.

In the interview, Gensler reiterated his previous critiques of the crypto industry, describing it as highly centralized and largely non-compliant with current regulations. He noted that this lack of compliance has led to the conviction of several prominent figures in the industry.

Gensler stated:

“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.”

Garlinghouse slams Gensler

Garlinghouse dismissed Gensler’s interview comments as “absolute nonsense,” asserting that the SEC Chair would have been dismissed long ago if he genuinely served the American people.

Garlinghouse further criticized Gensler’s statements about the crypto industry’s executives, calling them hypocritical given Gensler’s past association with convicted FTX founder Sam Bankman-Fried.

The Ripple CEO stated:

“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.”

Bankman-Fried was sentenced to 24 years in prison after being found guilty on seven charges, including wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. Before FTX’s collapse in 2022, SBF reportedly had a significant relationship with the SEC Chair.

Electoral consequences

Considering the above, Garlinghouse expressed a deep conviction that “Gensler will cause Biden to lose the election.”

Garlinghouse’s comments align with the sentiments of other industry leaders who argue that Gensler’s strict regulations have stifled legitimate crypto ventures and harmed businesses.

Crypto has become a significant electoral issue for American voters during this election cycle, and many are expected to support former President Donald Trump due to the Biden administration’s stance on the industry.

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Ripple is set for new legal battles after a US judge in California approved a lawsuit against the crypto company regarding alleged misleading statements by its CEO, Brad Garlinghouse.

This means the case would go to trial, and a jury would decide if the Ripple boss had misled investors into investing in the digital asset via a televised 2017 interview with the Business News Network where he said:

“I’m long XRP, I’m very, very long XRP as a percentage of my personal balance sheet. . . . . [I am] not long on some of the other [digital] assets, because it is not clear to me what’s the real utility, what problem are they really solving . . . if you’re solving a real problem, if it’s a scaled problem, then I think you have a huge opportunity to continue to grow that. We have been really fortunate obviously, I remain very, very, very long XRP, there is an expression in the industry HODL, instead of hold, it’s HODL… I’m on the HODL side.”

Ripple tried to dismiss the “misleading statement” claim by arguing that XRP was not a security. However, Judge Phyllis Hamilton noted that while XRP may not be classified as a security, it could still be considered one when sold to non-institutional investors.

The judge highlighted that investors’ expectation of profit could render XRP a security, aligning with one of the parameters of the Howey Test. She further noted that Ripple’s actions, such as its efforts to promote using XRP in cross-border payments and other uses, could lead investors to expect profits from XRP.

As a result, Judge Hamilton stated:

“Accordingly, the [Court] cannot find as a matter of law that Ripple’s conduct would not have led a reasonable investor to have an expectation of profit due to the efforts of others.”

Ripple has yet to respond to CryptoSlate’s request for comment as of press time.

Mentioned in this article

Editor Editor

Liam ‘Akiba’ Wright

Senior Editor at CryptoSlate

Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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