Ripple CEO Brad Garlinghouse Criticizes SEC Over Crypto Executives’ Incarceration
Ripple’s CEO, Brad Garlinghouse, recently remarked: “This is an industry where prominent figures from two years ago are either in prison, about to go to prison, or awaiting extradition.” This comment was directed at Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), in light of his recent statement about crypto executives facing imprisonment.
Garlinghouse highlighted Gensler’s oversight regarding the failure of FTX. Moreover, he accused the SEC Chairman of cozying up to Sam Bankman-Fried, the founder of FTX. This isn’t the first time Gensler has faced criticism for his interactions with the notorious entrepreneur. Last year, U.S. Representative Patrick McHenry, Chairman of the House Financial Services Committee, raised this issue.
Bankman-Fried was sentenced to 25 years in federal prison last March for his role in multiple fraud schemes. Hundreds of thousands of customers were affected by the collapse of FTX, with many critics pointing fingers at the SEC for failing to prevent this disaster in time.
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In response to the FTX collapse, Garlinghouse asserted that regulators should ensure “egregious behavior” is curbed to make frauds like FTX harder to execute. In his latest social media post, Garlinghouse also commented on Binance’s settlement with the Departu.ment of Justice, noting that the SEC wasn’t even invited to announce the settlement.
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