Ripple CEO Brad Garlinghouse suggests that President Joe Biden’s administration must demand the resignation of SEC Chair Gary Gensler to demonstrate his seriousness for crypto.
Garlinghouse made the suggestion in an X post yesterday, while reacting to reports about Biden’s campaign seeking advice from prominent industry stakeholders regarding the optimal approach to regulating cryptocurrencies.
Why Garlinghouse Seeks Gensler’s Resignation
Like Garlinghouse, many crypto enthusiasts see Gensler as the political liability of President Biden’s administration due to his adverse crypto policies.
Instead of establishing clear rules for crypto, Garlinghouse emphasized that Gensler has been focused on hiring more lawyers to prosecute the industry. The Ripple CEO and other industry stakeholders characterize this approach as regulation by enforcement.
Notably, the SEC, under Gensler’s leadership, has initiated multiple lawsuits against crypto companies, including Coinbase, Binance, Kraken, and LBRY.
Although Gensler inherited the Ripple lawsuit from the previous administration, many believe his leadership at the SEC significantly delayed its resolution. Last year, he hinted at the possibility of the SEC appealing the court’s summary judgment decision, which gave Ripple a partial victory.
His unfavorable regulatory approach toward crypto stirred the “Fire Gensler” campaign across the industry, with Garlinghouse sharing the same sentiment and urging Biden’s administration to demand his resignation.
Biden’s Shocking Support for Crypto
Meanwhile, President Biden has recently taken a favorable approach toward the crypto industry, compared to the early years of his administration. His pivot towards crypto is reflected in the approval of multiple Bitcoin and Ethereum spot-based exchange-traded funds (ETFs).
Additionally, the recent development in the House of Representatives, which saw 71 Democrat Rep members cross party lines to vote in favor of a pro-crypto bill, suggests that Biden’s administration is now focused on providing clear regulations for the industry.
Furthermore, reports indicate that his administration has been trying to engage top industry players, seeking guidance on providing favorable regulations for cryptos.
These efforts signify a notable departure from Biden’s prior approach of keeping the industry at arm’s length. Nonetheless, some enthusiasts consider Biden’s recent pivot toward crypto an attempt to gain the support of crypto investors ahead of the upcoming presidential election.