Ripple CEO Takes Jab at Gensler After Win in Congress

to the approval of the Financial Innovation and Technology for the 21st Century Act by the US House of Representatives by taking a jab at US Securities and Exchange Commission Chair Gary Gensler. Garlinghouse said that his take about Gensler becoming a political liability had aged well.

In December 2023, the Ripple CEO said that Gensler had"destroyed" the integrity of the US Securities and Exchange Commission . PEPE's 175% Rally Continues, Will It Reach 200%? Bitcoin Loses $70,000 Again, For How Long? Is Solana Entering Correction?The passage of the bill, which aims to create a legal framework for cryptocurrencies in the US, marked a major win for the cryptocurrency industry.

In his statement, Gensler aggressively opposed the bill, claiming that"many players in the crypto industry don't play by the rules.""We should make the policy choice to protect the investing public over facilitating business models of non-compliant firms," he said. The SEC chair warned that the bill could make it more challenging to protect investors, arguing that the cryptocurrency industry does not want to play by the rules.

The bill would effectively defang the SEC by making the Commodity Futures Trading Commission a leading regulator of digital currencies. Now that the bill has passed the House with strong bipartisan support, it remains to be seen whether or not it will be approved by the Senate. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.

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