Ripple CEO Criticizes SEC Chair at Bloomberg Summit

Ripple CEO Criticizes SEC Chair at Bloomberg Summit

Jordi Martinez
2 min read

Ripple CEO Accuses SEC Chair of Impacting Biden's Reelection

Ripple CEO Brad Garlinghouse has criticized SEC Chair Gary Gensler, suggesting that his regulatory actions could potentially harm President Joe Biden's chances of being reelected. This remark was made during the Bloomberg Invest Summit, where Gensler chose to steer clear of addressing the election's impact on the cryptocurrency market. Instead, he concentrated on the regulatory challenges within the crypto sector, highlighting the legal issues faced by numerous industry leaders. Garlinghouse dismissed Gensler's comments as "absolute nonsense," specifically pointing out Gensler's oversight of the FTX collapse. He further asserted that Gensler's actions may not align with the best interests of the American people and could even lead to Biden's defeat in the upcoming election. Meanwhile, Gensler provided an update on the progress of spot Ether ETF approvals, highlighting a smooth approval process and emphasizing the significance of comprehensive disclosure from asset managers for efficient registration statements. Recently, the SEC greenlit 19b-4 forms for Ethereum ETFs from eight applicants, with trading expected to commence by the end of summer.

Key Takeaways

  • SEC Chair Gary Gensler's approach to crypto regulation faces criticism from Ripple CEO Brad Garlinghouse, who suggests potential implications for President Biden's reelection.
  • Gensler avoids commenting on the election's impact and instead focuses on legal issues within the crypto sector.
  • Brad Garlinghouse dismisses Gensler's claims about the legal troubles of crypto industry leaders, labeling them as "absolute nonsense."
  • Gensler updates on the smooth progress of spot Ether ETF approvals and emphasizes the importance of comprehensive disclosure in registration statements.
  • The SEC has approved 19b-4 forms for Ethereum ETFs from eight applicants, with anticipated summer trading launch.


Brad Garlinghouse's critique of SEC Chair Gary Gensler's regulatory stance in the crypto sector may heighten tensions between technology firms and regulatory authorities, potentially influencing public perception of the Biden administration's tech policies. This could have implications for President Biden's reelection prospects, as the support of the tech sector holds significant weight. Conversely, Gensler's focus on regulatory compliance, especially demonstrated through the approval of Ethereum ETFs, aims to stabilize the volatile crypto market, ultimately benefiting investors and the financial sector. However, Garlinghouse's dismissal of Gensler's regulatory approach could lead to heightened scrutiny of SEC policies, impacting future crypto regulations and market dynamics.

Did You Know?

  • 19b-4 Forms: These are forms utilized by the SEC (Securities and Exchange Commission) for implementing rule changes by self-regulatory organizations (SROs), such as stock exchanges. In the context of the article, the approval of 19b-4 forms indicates that the SEC has reviewed and approved the necessary rule changes for the launch of Ethereum ETFs.
  • Spot Ether ETFs: These ETFs (Exchange-Traded Funds) track the current market price of Ether, the cryptocurrency used in the Ethereum network. Unlike futures-based ETFs, spot ETFs aim to reflect the real-time market price of the underlying asset, offering investors exposure to Ether without direct ownership.
  • Bloomberg Invest Summit: This is a prestigious event where influential figures in finance and investment convene to discuss market trends, investment strategies, and regulatory matters. The summit frequently showcases keynotes and panel discussions that can influence market sentiment and policy directions.

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