Garlinghouse made the statement via social media platform X in reaction to Gensler’s June 25 Bloomberg interview.

In the interview, Gensler reiterated his previous critiques of the crypto industry, describing it as highly centralized and largely non-compliant with current regulations. He noted that this lack of compliance has led to the conviction of several prominent figures in the industry.

Gensler stated:

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

Garlinghouse slams Gensler

Garlinghouse dismissed Gensler’s interview comments as “absolute nonsense,” asserting that the SEC Chair would have been dismissed long ago if he genuinely served the American people.

Garlinghouse further criticized Gensler’s statements about the crypto industry’s executives, calling them hypocritical given Gensler’s past association with convicted FTX founder Sam Bankman-Fried.

The Ripple CEO stated:

“And this slander about ‘all crypto execs going to jail’ from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.”

Bankman-Fried was sentenced to 24 years in prison after being found guilty on seven charges, including wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. Before FTX’s collapse in 2022, SBF reportedly had a significant relationship with the SEC Chair.

Electoral consequences

Considering the above, Garlinghouse expressed a deep conviction that “Gensler will cause Biden to lose the election.”

Garlinghouse’s comments align with the sentiments of other industry leaders who argue that Gensler’s strict regulations have stifled legitimate crypto ventures and harmed businesses.

Crypto has become a significant electoral issue for American voters during this election cycle, and many are expected to support former President Donald Trump due to the Biden administration’s stance on the industry.

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