The CEO of Ripple, Brad Garlinghouse, has strongly criticized the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, for his recent statements about the cryptocurrency industry. Garlinghouse described Gensler's comments as "absolute nonsense" and accused him of overlooking the failures of cryptocurrency exchange FTX and its founder Sam Bankman-Fried.

Gensler had stated in an interview that the crypto industry was plagued by noncompliance and fraud, and that many of its leading figures were either in jail or awaiting extradition. Garlinghouse responded by pointing out that Gensler had failed to take action against FTX and its founder, despite their involvement in fraudulent activities. He also noted that Gensler was not invited to the US Department of Justice's announcement on enforcement action against Binance, another major cryptocurrency exchange.

Garlinghouse's criticism of Gensler is not just about his handling of the cryptocurrency industry, but also about his potential impact on the upcoming US presidential election. Garlinghouse believes that Gensler's actions and oversight failures could harm President Joe Biden's chances of re-election. He suggested that Gensler should be fired if he is truly working for the American people.

This is not the first time that Gensler has faced criticism from the cryptocurrency industry. Billionaire Mark Cuban has also accused Gensler of being out of touch with the industry and of potentially harming Biden's election chances. The controversy highlights the ongoing tensions between the cryptocurrency industry and regulatory bodies in the US.

In conclusion, the criticism of Gensler by Garlinghouse and others highlights the need for regulatory bodies to work closely with the cryptocurrency industry to ensure that it is regulated in a fair and effective manner. The controversy also underscores the potential impact of regulatory actions on the wider economy and political landscape. As the cryptocurrency industry continues to grow and evolve, it is essential that regulatory bodies adapt to its needs and work to create a framework that promotes innovation and protects consumers.