Ripple CEO Brad Garlinghouse recently revealed that former SEC Chair Gary Gensler had personally apologized for his agency's multi-year battle against crypto.
Notably, the surprising encounter took place at the White House, which was "kind of weird," according to Garlinghouse.
A surprising meeting
According to Garlinghouse, the exchange occurred during a recent high-level briefing on digital asset policy.
Gensler, who stepped down from his role at the SEC in early 2025, reportedly approached the Ripple boss at the end of the session.
"Gary Gensler personally approached me at the White House and said, 'Sorry... I was wrong,'" Garlinghouse told the cheering crowd in Sydney.
Gensle's tenure was, of course, defined by a "regulation by enforcement" strategy. The former SEC boss has repeatedly opined that virtually all digital assets could be potentially classified as securities.
Ripple, however, famously fought back and managed to secure a landmark ruling in 2023 that XRP is not, in and of itself, a security.
The reported apology follows years of public vitriol between the two figures.
Garlinghouse has previously labeled Gensler a "political liability" and an "autocrat."
The former SEC boss frequently compared the crypto market to the "Wild West" that is rife with fraud and non-compliance.
The legal battle officially ended in early 2025, with the SEC dropping its appeal. The much-awaited legal clarity made it possible for Ripple to substantially expand its operations.
Gensler has yet to comment on the rumored private exchange.
However, it is worth noting that it was former SEC Chair Jay Clayton who actually brought the lawsuit against Ripple in the first place.
Dan Burgin
Vladislav Sopov
