SEC Chairman Gensler and Ripple CEO Garlinghouse Engage in Heated Debate Over Agency’s Handling of Crypto Innovation

Ripple CEO Brad Garlinghouse has fired back at Securities and Exchange Commission (SEC) Chairman Gary Gensler, calling the agency a “totally broken organization.” This comes after Musk’s tweet about the SEC being “a totally broken organization” that spends its time on trivial matters when there are more serious crimes going unpunished.

Garlinghouse took to Twitter to express his thoughts, stating that he and Ripple have been unfairly targeted by Gensler. “Gary Gensler is hell-bent on destroying innovation in the US,” Garlinghouse tweeted.

Gensler has been a vocal critic of Ripple’s decentralized finance (DeFi) platform, XRP Ledger, which he claims poses significant risks to investors. However, many within the crypto community have dismissed his concerns as unfounded and overly aggressive.

Musk echoed these sentiments, stating that the SEC should be focusing on actual crimes rather than pursuing petty lawsuits against innovative companies like Ripple.

Gensler’s relentless pursuit of Ripple has sparked a heated debate within the crypto and tech communities. Many experts are questioning the motives behind this lawsuit, suggesting that Gensler is more interested in proving his authority than genuinely protecting investors.

Garlinghouse himself has been vocal about the SEC’s handling of Ripple, repeatedly stating that he believes the agency is biased against cryptocurrency innovation.

The recent controversy serves as a stark reminder of the intense scrutiny and pressure faced by companies operating within the crypto space.

Source: u.today