Ripple CEO Brad Garlinghouse recently took aim at US Securities and Exchange Chair Gary Gensler over the latter's comment about cryptocurrency executives going to jail.
"This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition," he said.
Garlinghouse has noted that Gensler actually missed the FTX fiasco. Moreover, he even accused the SEC boss of cozying up to FTX founder Sam Bankman-Fried.
Tomiwabold OlajideThis is not the first time that Gensler has faced criticism for his interactions with the infamous entrepreneur. Last year, this issue was brought up by US Rep. Patrick McHenry, chair of the House Financial Services Committee.
Bankman-Fried was sentenced to 25 years in a federal prison in March for his role in multiple fraudulent schemes.
Hundreds of thousands of customers were affected by the exchange's collapse, with many critics pointing fingers at the SEC since it was too late to the game to stop this disaster.
Following the collapse of the FTX exchange, Garlinghouse said that regulators are supposed to disincentivize "horrible behavior" in order to make sure that it would be more challenging to pull off scams of the likes of FTX.
In his most recent social media post, Garlinghouse also commented on Binance's settlement with the Department of Justice. He has noted that the SEC wasn't even invited to the announcement about the exchange.
Vladislav Sopov
Dan Burgin