Ripple CEO Claims SEC Chair Gensler Could Cost Biden the 2024 Election

Key Takeaways:

  • Garlinghouse claims Gensler's actions may cost Biden the 2024 election.
  • Garlinghouse criticizes Gensler for failing to prevent the FTX collapse.
  • Mark Cuban suggests SEC's crypto approach could sway voters from Biden.
Joe Biden Crypto
Joe Biden Crypto

LUCKNOW ( — Ripple CEO Brad Garlinghouse has claimed that SEC Chairman Gary Gensler’s actions could lead to President Joe Biden losing the 2024 election. Gary Gensler was speaking at the Bloomberg Invest Summit. He claimed, “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.”

Ripple CEO Claims SEC Chair Gensler Could Cost Biden the 2024 Election
Source: X

Gensler’s remarks did not sit well with industry leaders.

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Garlinghouse Fires Back

Brad Garlinghouse took to X to express his disapproval. He called Gensler’s comments “absolute nonsense” and criticized the SEC chair for failing to prevent the FTX collapse while allegedly having close ties with its founder, Sam Bankman-Fried.

Ripple CEO, Ripple CEO Claims SEC Chair Gensler Could Cost Biden the 2024 Election
Source: X

The Ripple CEO didn’t mince words, stating:

If he was really ‘working for the American people’ as he says, he would have been fired a long time ago.”

Garlinghouse then made the striking claim that “Gensler will cause Biden to lose the election.

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Garlinghouse isn’t alone in his assessment. Billionaire entrepreneur Mark Cuban has expressed similar sentiments earlier. He said that the SEC’s approach to crypto regulation could sway younger and independent voters away from Biden in the upcoming election.

Ripple CEO, Ripple CEO Claims SEC Chair Gensler Could Cost Biden the 2024 Election
Source: X

Cuban stated:

If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC.

He further criticized Gensler for making it “nearly impossible for legitimate crypto companies to operate,” adding that this has potentially killed numerous businesses and ruined many entrepreneurs.

President Biden’s team has been seen as strict on cryptocurrency regulation. In contrast, former President Trump appears more open to the crypto. Trump has even started accepting crypto donations for his campaign. This difference in approach could play a role in how crypto supporters view each candidate in the upcoming election.

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Gensler Stays Clear of Political Commentary

When asked about these political implications at the Bloomberg summit, Gensler remained neutral, stating, “I don’t speak about elections.” He emphasized that his role is to protect investors and maintain fair, orderly, and efficient markets, regardless of the political climate.

My role as a securities regulator—as chair of this great 5,000-person agency that oversees $120 trillion capital markets—is to look out for investors, look out for issuers and, where appropriate, to be a cop on the beat.

Gensler said.

At the same event, when asked about Ether ETF launch date, Gensler didn’t give a specific date. However, he said that things were moving along nicely. He explained that the next step is for asset managers to provide all necessary information in their registration documents.

Last month, the SEC gave initial approval to eight Ethereum ETF applications. Now, these companies need to complete their registration paperwork (known as S-1 forms) before they can start trading. Bloomberg analysts Eric Balchunas and James Seyffart think these ETFs could hit the market as soon as July 2.

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