Ripple CEO allows the possibility of Biden’s election loss due to the SEC chair’s actions

What’s new? The CEO of the fintech company Ripple, which developed the payment protocol of the same name and token XRP with a capitalization of $26,4 billion, has again criticized the chairman of the US Securities and Exchange Commission (SEC) Gary Gensler. According to the senior executive Brad Garlinghouse, Gensler’s activities as head of the regulator could be the reason for Joe Biden’s defeat in the presidential election in November.

Source: X.com

What else is known? Ripple has been in a legal battle with the SEC since December 2020. Then the regulator accused the company of illegally raising $1,3 billion through the sale of unregistered securities in the form of XRP tokens.

Last year, the court found violations in institutional sales of the asset but noted that sales to retail investors through exchanges were legal. The SEC is seeking a $2 billion fine in the case. Ripple is currently trying to challenge that amount and reduce it to 10 million, pointing to the lack of investor harm and noting the fact that the company has not been accused of fraud.

In his new appeal, Garlinghouse was commenting on Gensler’s speech at a Bloomberg Invest Summit event, where the official said that non-compliance is rampant in the crypto industry, with top players “from a couple of years ago are either in jail, about to go to jail, or awaiting extradition.”

Gensler was probably referring to the founder of once one of the largest crypto exchanges FTX Sam Bankman-Fried, who received 25 years in prison for stealing $8 billion from customers, as well as the creator of TerraUST and LUNA coins Do Kwon, who is awaiting extradition from Montenegro for multi-billion dollar fraud proceedings.

Garlinghouse criticized the official for such words, recalling that he failed to protect FTX investors from fraud and, moreover, was in contact with the exchange’s founder.

“If he was really ‘working for the American people’ as he says, he would have been fired a long time ago. Gensler will cause Biden to lose the election,” Garlinghouse concluded.

Media: Biden's staff has begun crypto industry consultations on policy and community outreach

The move came in response to criticism from the presidential administration for intending to veto the repeal of the anti-cryptocurrency initiative

Read more

Earlier this year, Garlinghouse said that due to a “hostile” SEC, Ripple was keeping Ripple off the possibility of going public in the United States, but was considering “other jurisdictions that have clear rules of the road.”