Ripple CEO Brad Garlinghouse Seizes Moment to Critique Gensler Amid Congressional Triumph

Brad Garlinghouse, CEO of Ripple, didn't miss the opportunity to comment on the recent approval of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the US House of Representatives, using it as a chance to take a dig at US Securities and Exchange Commission Chair Gary Gensler.

Reflecting on his previous statement about Gensler being a political liability, Garlinghouse remarked that his assessment had aged well. In December 2023, he had criticized Gensler for allegedly compromising the integrity of the SEC.

The passage of FIT21, aimed at establishing a legal framework for cryptocurrencies in the US, was hailed as a significant victory for the crypto industry. Notably, 71 Democrats joined Republicans in supporting the bill, despite Gensler's vocal opposition.

In his recent statement, Gensler reiterated his concerns, accusing many crypto industry players of flouting regulations. He emphasized the importance of protecting investors and warned that the bill could undermine investor safeguards.

FIT21 proposes to transfer regulatory oversight of digital currencies from the SEC to the Commodity Futures Trading Commission (CFTC), potentially limiting the SEC's authority. With the bill's passage in the House, its fate now rests with the Senate. Ripple's top lawyer, Stuart Alderoty, stressed the importance of bipartisan cooperation in shaping cryptocurrency regulations.