Gensler’s SEC actions fueled crypto PAC Fairshake, Ripple CEO says
Release: 2024/12/09 13:07 Reading: 822
Ripple CEO Brad Garlinghouse commented on Fairshake, the political action committee supported by crypto industry leaders during the 2024 U.S. election. He attributed its emergence to the perceived aggressive regulatory stance taken by Securities Exchange Commission (SEC) Chair Gary Gensler.
In an interview with CBS News on December 6, Garlinghouse expressed that Fairshake was formed in response to what he described as a "war on crypto" initiated by the SEC. He highlighted that Gensler had led an intensified regulatory crackdown, filing numerous lawsuits against crypto companies.
"If there had been a different SEC chair than Gary Gensler, I'm not sure Fairshake would exist. Why did these companies come together and organize and say, 'This matters'? It's a reaction to a war on crypto," Garlinghouse said.
He emphasized that Fairshake's mission is not political influence but rather to advocate for a balanced legal framework that fosters the growth and scalability of blockchain technology in the United States. This aligns with President-elect Donald Trump's campaign manifesto, which pledged to make the U.S. a global leader in cryptocurrency.
Garlinghouse further stated that Ripple has incurred over $150 million in legal expenses defending its view that XRP, the company's native token, should be exempt from securities regulations. He emphasized that the CBS News segment omitted Ripple's recent legal victory, a federal judge's ruling that XRP is not a security.
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