Ripple CEO Applauds Trump Running Mate Vance for Criticizing SEC’s Bias on Cryptocurrencies

Ripple CEO Brad Garlinghouse has expressed admiration for Donald Trump’s running mate and U.S. Senator James David Vance, who has criticized SEC Chairman Gary Gensler’s biased approach to cryptocurrency regulation.

Recently, members of the crypto community picked up a video showing Vance criticizing Gensler as the worst person to oversee the crypto industry. clip was recorded at the Remedy Fest conference on February 27th.

It has gained popularity within the cryptocurrency community since presidential candidate Donald Trump chose Vance as his running mate. The community celebrates this choice because it sees pro-crypto politicians to ascend to the presidency.

Vance Highlights SEC’s Harm to Cryptocurrency Innovation

In the clip, Vance complained that Gensler is moving in the opposite direction when it comes to regulation. He attributed this to Gensler’s tendency to inject politics into the securities business in the U.S.

Specifically, the pro-crypto senator pointed out that the SEC regulates cryptocurrencies based on arbitrary criteria. He said that if a crypto token has utility, the SEC wants to ban it, but it doesn’t seem to care if it has no utility.

This view is reinforced by the fact that utility tokens such as XRP, Cardano and Solana have has faced SEC lawsuits in recent years. In contrast, billion-dollar meme coins like Dogecoin have remained untouched.

Vance argued that this approach is misguided, saying investor protection should focus more on cryptocurrencies that lack utility. He noted that if a token has real utility, it should be regulated and monitored to ensure consumer safety. However, he cautioned against simply hunting them down and forcing them out of business.

The senator said the SEC’s approach could have unintended consequences for innovation. He noted that many new social media platforms emerging in 2024 rely on blockchain technology to operate, including the use of high-utility tokens for verification purposes.

Vance noted that venture capitalists are excited about these companies leveraging blockchain to drive innovation in 21st-century communications.

However, if the SEC continues to restrict high-utility tokens, it will become increasingly difficult for these new companies to challenge the current social media incumbents. Vance believes this would be a significant mistake.

Ripple CEO Reacts With Praise

Vance’s comment is now widely shared in the cryptocurrency community, attracting the attention of CEO of Ripple. Commenting on the incident, Garlinghouse expressed admiration, calling for more elected officials to follow his example.

According to Garlinghouse, Vance is demonstrating a forward-thinking approach by recognizing the potential of blockchain technology to promote “American exceptionalism” rather than allowing unelected officials to stifle innovation.

Interestingly, Vance’s stance on cryptocurrencies has always been favorable. In February 2022, Senator condemned the power granted to banks to freeze accounts without a court order under Canada’s Emergencies Act. He says legislation like this is the reason cryptocurrencies are “taking off.”

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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