Regulation
Ripple CEO Urges Democrats to Take Action on Crypto Regulation, Slams SEC Chairman After Roundtable
Ripple CEO Author: Brad Garlinghouse stressed the need for substantial action on cryptocurrency regulation following a key roundtable discussion with key industry and government figures.
The event, hosted by Rep. Ro Khanna (D-CA), brought together prominent figures such as entrepreneur Cuban Mark, Monetary base Legal Director Paul Grewal and Circle Strategic Director Dante Disparte.
On the government side, the event was attended by representatives of the White House, including Anita Dunn, senior adviser to the president. Joe Biden — and influential lawmakers like Sen. Kirsten Gillibrand (D-NY) and Rep. Joe Neguse (D-CO).
According to initial reports, the event has left industry participants feeling confident about the regulatory landscape in the coming months.
Ripple CEO Slams Democrats
Garlinghouse praised Congressman Khanna for engaging with the industry and expressed hope that the roundtable would be a turning point. However, he also criticized the Democratic Party for “enabling” the SEC chairman. Author: Gary Gensler and added that there is still much to be done for the sector.
Garlinghouse said:
“Unfortunately, most Democrats continue to enable Gensler’s illegal war on cryptocurrency, sabotaging the ability of American innovation to thrive… Gensler will go down in history as the Luddite of his time.”
His comments reflect a broader frustration within the crypto community over the SEC’s perceived overregulation. Garlinghouse’s characterization of Gensler as a “Luddite” echoes the sentiment that current regulatory measures are hindering innovation in the industry.
The Ripple CEO added that it is “no surprise” that the Republican Party has chosen to take an openly pro-crypto stance, noting that the issue has become a key concern for voters. He said:
“Words are easy, action is hard but necessary. Choose wisely. Voters are paying attention.”
Industry operators are optimistic
Meanwhile, Kristin Smith, CEO of the Blockchain Association, said the roundtable was “a thoughtful step forward for cryptocurrency in Washington.”
Smith said his speech at the event highlighted that cryptocurrency is a key issue for many voters and that the sector is maturing. He expressed optimism about the discussions, saying:
“It’s working. Let’s keep the momentum going.”
Media reports following the event described the roundtable as a productive meeting aimed at fostering open dialogue between the cryptocurrency industry and the Biden administration.
Sheila Warren, CEO of the Crypto Council for Innovation, told The Block that the session covered critical issues like debanking and the SEC staff accounting bulletin on digital asset custody. She also said the Biden adviser was an enthusiastic participant in the discussions.
As the 2024 election approaches, the political landscape surrounding cryptocurrencies is becoming increasingly polarized. Former President Donald Trump he expressed strong support for industry, and the GOP has recently followed the example.
Meanwhile, Biden’s re-election campaign is said to have turned to the cryptocurrency industry for guidance on digital asset policies, marking a significant shift from the administration’s previous stance.