Ripple CEO claims Gary Gensler will cost Biden the election

Ripple CEO Brad Garlinghouse has predicted that Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), will be the reason President Joe Biden loses the 2024 Presidential Election.

The relationship between Ripple and the SEC has been contentious, with a legal battle stretching over several years. During the Bloomberg Invest Summit in New York, Gensler made several remarks that fueled Garlinghouse’s ire. He said:

“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 was quick to respond on X (formerly Twitter), labeling Gensler’s comments as “absolute nonsense.” He accused the SEC Chair of failing to prevent the collapse of FTX and criticized his perceived connections with Sam Bankman-Fried, the disgraced founder of FTX.

Source: Brad Garlinghouse

Garlinghouse argued that if Gensler were genuinely working for the American people, he would have been removed from his position long ago.

Billionaire Mark Cuban shared similar concerns, stating, “If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC.”

Cuban emphasized the importance of the crypto vote among younger and independent voters, arguing that Gensler’s approach has made it difficult for legitimate crypto businesses to thrive, thereby stifling innovation and entrepreneurship.

Gary Gensler, the Chairman of SEC. Source: Reuters

Former President Donald Trump, the leading Republican candidate, has taken a starkly different approach. Trump has positioned himself as a pro-crypto advocate, accepting cryptocurrency donations for his campaign and criticizing the Biden administration for its treatment of crypto.

When confronted with Cuban’s accusations that he might cost Biden the election, Gensler refused to comment directly on electoral matters. He maintained, “I don’t speak about elections.”

President Joe Biden. Credits: Getty Images

However, his silence on the issue did little to quell the speculation. Amid these heated exchanges, Gensler also provided an update on the progress of spot Ethereum ETFs in the U.S.

He mentioned that the progress was “going smoothly,” stressing the importance of full disclosures from asset managers for their registration statements to become effective.

Jai Hamid