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Ripple CEO: Gensler's 'Pro-Innovation' Stance Is a Farce

Tue, 06/06/2023 - 20:47
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Alex Dovbnya
Garlinghouse claims the SEC is trying to distract from the FTX debacle by suing Binance and Coinbase
Ripple CEO: Gensler's 'Pro-Innovation' Stance Is a Farce
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Ripple CEO Brad Garlinghouse took to Twitter yesterday to voice his opinion on Gary Gensler's recent remarks on CNBC regarding digital currencies.

Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), made headlines when he said, "We don't need more digital currency," sparking a backlash among crypto enthusiasts and industry leaders alike.

Garlinghouse called Gensler's proclaimed 'pro-innovation' stance a 'farce,' pointing to the SEC's recent legal actions against Binance, Coinbase, and other crypto platforms.

In a fiery tweet, Garlinghouse wrote, "If it wasn’t already clear, it should be now – Chair Gensler’s laughable “pro-innovation” stance (as he said today), is exactly the opposite."

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He further criticized the SEC for "throwing lawsuits at the wall and hoping they distract from the agency’s FTX debacle." Garlinghouse’s comments come as Ripple's SEC lawsuit over the alleged selling of unregistered securities is inching closer to resolution.

Garlinghouse also targeted Gensler personally in his second tweet, stating, "It’s embarrassing to watch an unelected bureaucrat flail like this to mask the fact that he and his agency don’t have the power that he so desperately craves. No one is fooled."

The Ripple CEO's biting critique adds to the growing discourse surrounding the SEC's recent legal actions against Binance and Coinbase. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at