SEC Chair Gary Gensler Will Make Biden Lose the 2024 Presidential Race

Key Points:

• Ripple CEO Brad Garlinghouse believes SEC Chair Gary Gensler’s regulatory actions could negatively impact President Joe Biden’s chances.
• Gensler reiterated his critical stance on the crypto industry with widespread non-compliance and his role in protecting investors.

Ripple CEO Brad Garlinghouse has voiced concerns that Securities and Exchange Commission (SEC) Chair Gary Gensler’s actions could negatively impact President Joe Biden’s chances in the upcoming November elections.

Ripple CEO Warns SEC Chair Gary Gensler’s Actions Could Impact Biden’s Re-Election

Garlinghouse expressed his views on social media platform X, responding to SEC Chair Gary Gensler’s remarks in a June 25 Bloomberg interview.

In the interview, Gensler reiterated his critical stance on the cryptocurrency industry, labeling it as highly centralized and largely non-compliant with existing regulations. He cited the conviction of several prominent industry figures as evidence of this non-compliance.

Gensler emphasized his role as a securities regulator, stating, “My role as a securities regulator—as chair of this great 5,000-person agency that oversees $120 trillion capital markets—is to look out for investors, look out for issuers and, where appropriate, to be a cop on the beat.”

This is not the first time such concerns have been raised. Last month, billionaire Mark Cuban made similar comments about Gensler’s potential impact on Biden‘s re-election bid. During the interview, SEC Chair Gary Gensler avoided discussing the elections directly, focusing instead on his regulatory responsibilities.

Garlinghouse and Cuban Criticize SEC’s Aggressive Regulatory Approach

Gensler’s tenure at the SEC, which began in April 2021, has been marked by significant controversy within the crypto space. Critics, including Garlinghouse, accuse him of an overly aggressive regulatory approach. Under his leadership, the SEC has pursued high-profile lawsuits against major crypto firms such as Coinbase, Binance, Kraken, and LBRY, contributing to what many perceive as a strategy of regulation by enforcement.

Garlinghouse has been particularly vocal, condemning Gensler’s statements about the crypto industry. He criticized Gensler for his comments about crypto executives facing legal consequences and accused him of hypocrisy, referencing Gensler’s perceived leniency towards FTX and its former CEO, Sam Bankman-Fried.