Ripple CEO Calls for Gensler’s Resignation

Ripple CEO Brad Garlinghouse recently suggested that President Joe Biden should demand the resignation of SEC Chair Gary Gensler to show his commitment to the crypto industry. Garlinghouse made this statement in an X post, reacting to reports of Biden’s campaign consulting prominent industry stakeholders for optimal crypto regulations.

If the Biden administration is actually serious about a shift (and finally waking up to the crypto electorate) – the single most important thing they can do is demand the resignation of Gary Gensler. https://t.co/PRiWDXV0HE
— Brad Garlinghouse (@bgarlinghouse) May 31, 2024

Garlinghouse and many crypto enthusiasts view Gensler as a political liability for the Biden administration due to his negative stance on crypto. Instead of establishing clear rules, Gensler has focused on hiring more lawyers to prosecute the industry. Garlinghouse and other stakeholders describe this as regulation by enforcement. Under Gensler’s leadership, the SEC has launched multiple lawsuits against crypto companies, including Coinbase, Binance, Kraken, and LBRY.

Ripple Lawsuit And Delays

Although Gensler inherited the Ripple lawsuit from the previous administration, many believe his leadership has significantly delayed its resolution. Last year, he hinted at the possibility of the SEC appealing the court’s summary judgment decision, which partially favored Ripple.

This unfavorable regulatory approach has fueled the “Fire Gensler” campaign, with Garlinghouse urging Biden to demand Gensler’s resignation. Meanwhile, President Biden has recently taken a more favorable approach toward the crypto industry, marking a significant shift from the early years of his administration.

This pivot is evident in the approval of multiple Bitcoin and Ethereum spot-based exchange-traded funds (ETFs). Additionally, a recent development in the House of Representatives saw 71 Democrat members cross party lines to support a pro-crypto bill, indicating a focus on clear regulations for the industry.

Engaging With Industry Leaders

Furthermore, reports suggest that Biden’s administration has been engaging with top industry players, seeking guidance on creating favorable regulations for cryptos. These efforts highlight a notable departure from Biden’s previous approach of keeping the industry at arm’s length. However, some enthusiasts view Biden’s recent shift as an attempt to gain the support of crypto investors ahead of the upcoming presidential election.

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Garlinghouse’s call for Gensler’s resignation reflects widespread frustration within the crypto community, while Biden’s evolving stance on crypto suggests a strategic move to align with industry interests and voter support.

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.