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Ripple chief executive officer Brad Garlinghouse heavily criticized U.S. Securities and exchange commission (SEC) Gary Gensler for his latest message around non-compliance in the crypto industry. Gensler’s statement comes after US Senator Elizabeth Warren’s recent efforts to initiate a bill that effectively bans Bitcoin in the United States. 
Also Read: <a href="https://coingape.com/just-in-sec-reportedly-held-calls-with-spot-bitcoin-etf-filers" target="_blank" rel="noopener">US SEC Reportedly Held Calls with Spot Bitcoin ETF Filers</a> 
<h2 id="coinbase-petition-seeking-clarity-on-crypto">Coinbase Petition Seeking Clarity On Crypto</h2> 
While the SEC has been reluctant to alter its enforcement-first approach to crypto, firms have been seeking clear guidelines to maintain compliance. Interestingly, readers on Twitter responded with a community note saying US based crypto exchange Coinbase has been trying to gain clarity on the SEC’s guidance for compliance for the past few years. The SEC hasn’t taken a clear stance and has relied on regulation by enforcement, they said, in response to Gensler’s <a href="https://twitter.com/GaryGensler/status/1737935615033737332" target="_blank" rel="noopener">message</a>: 
<blockquote>
 “There is a lot of noncompliance in the crypto space. It undermines confidence when so many people have been hurt. Further, this can make it hard for the good faith actors to compete.”
</blockquote> 
The SEC failed to respond to a petition Coinbase <a href="https://coingape.com/sec-coinbase-crypto-rules-news/" target="_blank" rel="noopener">filed</a> in May 2023, asking the court to compel the Commission to come up with a clear regulatory framework around crypto industry. 
<h2 id="ripple-ceo-stunning-hypocrisy">Ripple CEO: Stunning Hypocrisy</h2> 
Garglinghouse <a href="https://twitter.com/bgarlinghouse/status/1737977947514982881" target="_blank" rel="noopener">remarked</a> that Gensler was involved in the biggest fraud in recent history, in an apparent indication of his meetings with former FTX CEO Sam Bankman-Fried. The Ripple CEO attached a video that questioned about a series of meetings between Gensler and Bankman-Fried while the irregularities around FTX were happening. The FTX collapse unfolded in November 2022, when thousands of retail investors lost millions of dollars worth of value. Garlinhouse stated, 
<blockquote>
 “Stunning hypocrisy from the person who cozied up to the biggest fraud in recent memory. Gensler is a political liability whose actions have decimated consumers and destroyed the integrity of the SEC.”
</blockquote> 
He added that Gensler continues to be friends with Wall Street bigwigs. Gensler worked at Goldman Sachs for 18 years and assumed roles like co-head of finance. 
Also Read: <a href="http://coingape.com/bitcoin-gains-legitimacy-in-argentina-for-contracts-and-payments" target="_blank" rel="noopener">Bitcoin Gains Legitimacy in Argentina for Contracts and Payments</a> 
The post <a href="https://coingape.com/ripple-ceo-calls-gary-gensler-political-liability-over-call-for-crypto-compliance/">Ripple CEO Calls Gary Gensler ‘Political Liability’ Over Call For Crypto Compliance</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ripple CEO Calls Gary Gensler ‘Political Liability’ Over Call For Crypto Compliance

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