Bitcoin
Ripple CEO says Biden must get rid of SEC Chairman Gensler if he is serious about crypto
Ripple CEO Brad Garlinghouse suggests that President Joe Biden’s administration should demand the resignation of SEC Chairman Gary Gensler to demonstrate its seriousness about crypto.
Garlinghouse made the suggestion with an X publish yesterday while reacting to reports about the Biden campaign seeking advice from key industry stakeholders on the ideal approach to regulating cryptocurrencies.
Why Garlinghouse seeks Gensler’s dismissal
Like Garlinghouse, many crypto enthusiasts see Gensler as the political responsibility from President Biden’s administration due to its adverse crypto policies.
Instead of establishing clear rules for cryptography, Garlinghouse emphasized that Gensler has focused on hiring more lawyers to sue the industry. Ripple’s CEO and other industry stakeholders characterize this approach as regulation by enforcement.
Notably, the SEC, under Gensler’s leadership, has initiated several lawsuits against crypto companies, including Coinbase, Binance, Kraken, and LBRY.
Although Gensler inherited the Ripple lawsuit from the previous administration, many believe his leadership at the SEC significantly delayed its resolution. Last year, he suggested the possibility of the SEC appealing the court’s summary ruling, which gave Ripple a partial victory.
His unfavorable regulatory approach towards crypto has roiled the industry-wide “Fire Gensler” campaign, with Garlinghouse sharing the same sentiment and urging the Biden administration to demand his resignation.
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Biden’s Shocking Support for Crypto
Meanwhile, President Biden has recently adopted a favorable approach towards the crypto industry compared to the early years of his administration. Its pivot toward crypto is reflected in the approval of several Bitcoin and Ethereum-based exchange-traded funds (ETFs).
Additionally, the recent development in the House of Representatives, which saw 71 Democratic Party members cross party lines to vote in favor of a pro-crypto bill suggests that the Biden administration is now focused on providing clear regulations for the industry.
Furthermore, reports indicate that his administration has been trying to engage key industry players, seeking guidance on providing favorable regulations for cryptocurrencies.
These efforts mark a notable departure from Biden’s previous approach of keeping industry at arm’s length. However, some enthusiasts consider Biden’s recent move towards crypto to be an attempt to gain support from crypto investors ahead of the upcoming presidential elections.
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