Ripple CEO Accuses SEC Chair Gensler of Hypocrisy in Cryptocurrency Regulation

Ripple CEO

Ripple CEO Brad Garlinghouse has publicly criticised SEC Chair Gary Gensler. He accused him of “stunning hypocrisy” in the SEC’s cryptocurrency regulation approach. 

Taking to social media, Garlinghouse expressed disapproval of Gensler’s recent comments on cryptocurrency compliance. Garlinghouse pointed to what he deemed Gensler’s hypocrisy, citing associations with what he called “the biggest fraud in recent memory.” 

He further criticised Gensler for allegedly harming consumers, undermining the SEC’s integrity, and maintaining close ties with Wall Street. This dispute arises amid Gensler’s concerns about widespread noncompliance in the cryptocurrency space and its impact on consumer confidence. 

Ripple CEO Responds to Gensler’s Crypto Compliance Warning

Ripple’s CEO, Brad Garlinghouse, swiftly responded to SEC Chair Gary Gensler’s comments on crypto compliance, expressing strong discontent. Gensler had recently underscored the prevalent issue of noncompliance in the cryptocurrency space, expressing worry about its impact on consumer confidence. 

He specifically pointed to the challenges faced by individuals dealing with the aftermath in bankruptcy courts. Furthermore, Gensler highlighted the broader difficulties encountered by compliant actors in the industry, attributing them to the actions of non-compliant entities. 

The exchange reveals a deepening rift between Ripple and the SEC, with regulatory concerns and contrasting viewpoints at the forefront of this ongoing dispute.

Ripple’s Legal Chief Exposes SEC’s Regulatory Shortcoming

Ripple’s Chief Legal Officer, Stuart Alderoty, has publicly criticised the SEC. He highlighted what he perceives as a pattern of regulatory missteps. 

In a comprehensive critique, Alderoty referenced multiple court cases where the SEC faced criticism for what he deems an inconsistent and occasionally arbitrary regulatory approach. 

He pointed to instances where the SEC failed to adhere to legal standards and procedures. This includes missing deadlines for amending regulations and refraining from clarifying the classification of syndicated loans. 

Alderoty’s remarks add to Ripple’s broader discontent with the SEC. This is marked by allegations of regulatory shortcomings and a lack of adherence to established norms.

Read Also: Ripple Secures Central Bank of Ireland Approval, Eyes European Expansion 

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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