Ripple CEO Brad Garlinghouse has proposed that President Joe Biden’s administration show its commitment to the crypto industry by demanding the resignation of SEC Chair Gary Gensler. Garlinghouse made this suggestion in a recent post, in response to reports that Biden’s campaign is seeking guidance from industry experts on how to effectively regulate cryptocurrencies.
Garlinghouse and other crypto enthusiasts view Gensler as a political liability within the Biden administration due to his unfavorable policies towards crypto. Rather than establishing clear regulations, Garlinghouse argues that Gensler has focused on hiring more lawyers to prosecute the industry. This approach, known as regulation by enforcement, has been criticized by industry stakeholders.
Under Gensler’s leadership, the SEC has initiated several lawsuits against crypto companies, including Coinbase, Binance, Kraken, and LBRY. While Gensler inherited the Ripple lawsuit from the previous administration, many believe that his leadership has significantly delayed its resolution. Last year, he hinted at the possibility of appealing the court’s decision, which gave Ripple a partial victory.
Garlinghouse and others have launched the “Fire Gensler” campaign, calling on Biden’s administration to demand his resignation. They believe that Gensler’s regulatory approach towards crypto is hindering the industry’s growth and innovation.
In contrast, President Biden has recently taken a more favorable stance towards the crypto industry. This shift is evident in the approval of Bitcoin and Ethereum spot-based exchange-traded funds (ETFs) and the support shown by 71 Democrat representatives for a pro-crypto bill in the House of Representatives.
Reports suggest that Biden’s administration is actively engaging with industry leaders to develop clear regulations for cryptocurrencies. This marks a departure from Biden’s previous approach of keeping the industry at a distance. However, some believe that Biden’s newfound support for crypto is merely an attempt to gain the backing of crypto investors ahead of the upcoming presidential election.
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