Ripple CEO Rips SEC Chair Gensler: 'He's a Luddite Stifling Innovation'

Ripple CEO Rips SEC Chair Gensler: 'He's a Luddite Stifling Innovation'

Ripple CEO Brad Garlinghouse launched a blistering attack on SEC Chairman Gary Gensler on Wednesday, accusing him of waging a "war on all crypto that is not Bitcoin" and stifling U.S. innovation. "It's no wonder that Republicans are now calling themselves the pro-crypto party," Garlinghouse tweeted. "Gensler will go down as the Luddite of our era." Garlinghouse's comments came in response to a recent speech by Gensler in which he reiterated his view that most cryptocurrencies are securities and should be regulated as such. Garlinghouse has long been a critic of Gensler's approach to crypto regulation. He has argued that the SEC's focus on enforcement actions against crypto companies has created a climate of fear and uncertainty that is stifling innovation in the United States. Gensler, for his part, has defended his approach, saying that it is necessary to protect investors from fraud and manipulation in the crypto markets. He has also said that he is open to working with Congress to develop a more tailored regulatory framework for cryptocurrencies. The SEC's approach to crypto regulation has been controversial, with some arguing that it is too heavy-handed and others saying that it is not tough enough. Garlinghouse's comments are likely to further fuel the debate over how best to regulate the rapidly evolving crypto industry.