Ripple CEO Slams SEC Chair’s ‘Nonsense’ Crypto Claims Amid Market Downturn

• The Ripple CEO slams SEC Chair Gary Gensler for his recent criticism of the crypto industry.
• Gensler states that the industry experts are either in jail, about to go to jail, or awaiting extradition
• Brad Garlinghouse states that Gensler would have been fired if he had really worked for the American people.

Ripple CEO Brad Garlinghouse sharply criticized SEC Chair Gary Gensler, calling his recent remarks on the cryptocurrency industry “nonsense.” Garlinghouse’s comments followed a Bloomberg interview in which Gensler expressed concerns about investor protection and the prevalence of unregistered securities in the crypto market.

Garlinghouse’s rebuke follows a Bloomberg interview in which Gensler criticized the crypto industry for allegedly harming the public. Gensler highlighted the vastness of the crypto market, which comprises approximately 20,000 tokens he considers investment contracts, stating, “The American public is not getting the proper disclosure that they are required to get by law.” He further argued that the current market situation is worsened by ongoing criminal cases against industry leaders.

Garlinghouse countered Gensler’s statements, asserting that if Gensler truly worked for the American people, he would have been “fired a long time ago.” He added that Gensler’s actions could jeopardize President Biden’s re-election.

“Absolute nonsense coming from Gary Gensler today. And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.”

Meanwhile, the XRP token’s current exchange supply has fallen to 2.84 million, equivalent to approximately $1.43 million. This marks the lowest level since the beginning of the year and may indicate a shift in investor sentiment.

As of press time, XRP is trading at $0.4768, showing a marginal 24-hour increase of 0.20%. However, the token has experienced notable declines of 3.76% and 10.49% over the past week and month, respectively. The 24-hour trading volume has also significantly declined by 29.67%, currently standing at $889 million, suggesting a decrease in investor interest.