Ripple CEO Brad Garlinghouse believes SEC Chair Gary Gensler’s recent actions could impact President Joe Biden’s chances in the upcoming November elections.

Garlinghouse made his remarks on the X social media platform in response to Gensler’s June 25 Bloomberg interview. In the interview, Gensler reiterated his criticisms of the crypto industry, describing it as highly centralized and largely non-compliant with existing regulations. He pointed out that these regulatory issues have resulted in the prosecution of several prominent figures within the sector.

Gensler remarked:

“This is a field where the leading figures from a couple of years ago are either in jail, about to go to jail, or awaiting extradition.”

Garlinghouse strongly criticized Gensler's statements as baseless, asserting that if Gensler truly served the American people, he would have been removed from his position long ago.

Garlinghouse also called out Gensler's alleged hypocrisy regarding his past connections with convicted FTX founder Sam Bankman-Fried, stating:

“And this accusation about 'all crypto executives going to jail' comes from the person who completely overlooked FTX (and actually had a close relationship with SBF), and wasn't even included in the DOJ's announcement about Binance.”

Bankman-Fried was sentenced to 24 years in prison after being found guilty of wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. Before FTX's collapse in 2022, Bankman-Fried reportedly had significant interactions with the SEC Chair.

Regarding electoral implications, Garlinghouse strongly believes that “Gensler's actions will lead to Biden losing the election.”

Garlinghouse's remarks echo sentiments shared by other industry leaders who argue that Gensler's stringent regulatory approach has stifled legitimate crypto enterprises and harmed businesses. Cryptocurrency has emerged as a significant electoral issue among American voters during this election cycle, potentially influencing support for former President Donald Trump due to the Biden administration's stance on the industry.