Main Points:
Brad Garlinghouse suggests that Gary Gensler’s decisions might impact Joe Biden’s chances in the 2024 election.
Garlinghouse criticizes Gensler for not preventing the collapse of FTX.
Mark Cuban indicates that the SEC’s stance on cryptocurrency could influence voters away from Biden.
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LUCKNOW (CoinChapter.com) – Ripple’s CEO, Brad Garlinghouse, has raised concerns over the potential impact of SEC Chief Gary Gensler’s actions on President Joe Biden’s electoral prospects in 2024. This comes following Gensler’s remarks during the Bloomberg Invest Summit, where he remarked, “This is an arena where the luminaries of recent years are either behind bars, on the brink of incarceration, or awaiting extradition.”
Source:
X
Industry leaders were quick to express their discontent with Gensler’s statements.
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Criticism Over Joe Biden’s Stance on Crypto, Gensler’s Position Could Affect His Chances in the US Presidential Election
Garlinghouse Hits Back
Brad Garlinghouse chose to respond to these remarks, labeling Gensler’s comments as “completely baseless” and censuring the SEC chair for failing to avert the collapse of FTX despite reportedly having close ties with its founder, Sam Bankman-Fried.
Source:
X
In no uncertain terms, the Ripple CEO asserted:
Garlinghouse went on to assert that “Gensler’s actions might lead to Biden’s defeat in the election.”
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Garlinghouse is not alone in his view. Wealthy entrepreneur Mark Cuban had previously conveyed similar sentiments, highlighting that the SEC’s approach to crypto regulation might draw younger and independent voters away from Biden in the forthcoming election.
Source:
X
Cuban elaborated:
He also took issue with Gensler for making it “practically unworkable for legitimate crypto enterprises to function,” suggesting that this stance has potentially destroyed several businesses and jeopardized numerous entrepreneurs.
The Biden administration has been perceived as stringent on cryptocurrency regulations, while former President Trump has exhibited a more receptive approach to crypto, even accepting cryptocurrency donations for his campaign. This varying stance could influence how crypto advocates perceive each candidate in the upcoming election.
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Gensler Stays Neutral on Political Matters
When questioned about the political implications during the Bloomberg summit, Gensler refrained from making any political statements, asserting, “I do not comment on elections.” He emphasized his duty to safeguard investors and uphold fair, orderly, and efficient markets, irrespective of the political landscape.
Additionally, when quizzed about the launch date of an Ether ETF at the same event, Gensler declined to provide a specific date but indicated positive progress. He highlighted that the next phase involved asset managers furnishing all requisite information within their registration documents.
Last month, the SEC granted preliminary approval to eight Ethereum ETF applications. These firms now need to complete their registration paperwork (S-1 forms) before commencing trading. Analysts at Bloomberg, Eric Balchunas and James Seyffart, anticipate that these ETFs could be available in the market by as early as July 2.
Ripple CEO Alleges SEC Chair Genslers Actions Pose Potential Electoral Implications for President Biden in 2024
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