Ripple CEO calls on Democrats to act on crypto regulation and criticizes SEC chairman after roundtable discussion

Following an important round of discussions with industry and government leaders, Ripple CEO Brad Garlinghouse stressed the need for substantial action to regulate cryptocurrencies.

The event – ​​hosted by Congressman Ro Khanna (D-CA) – was attended by prominent figures such as entrepreneur Mark Cuban, Coinbase legal director Paul Grewal and Circle strategy director Dante Disparte.

On the government side, representatives from the White House – including Anita Dunn, senior adviser to President Joe Biden – as well as influential politicians such as Senator Kirsten Gillibrand (D-NY) and Congressman Joe Neguse (D-CO) attended the event.

According to initial reports, the event raised cautious hopes among industry participants about the regulatory landscape in the coming months.

Ripple CEO criticizes Democrats

Garlinghouse praised Congressman Khanna for his commitment to the industry and expressed hope that the round would mark a turning point. But he also criticized the Democratic Party for giving SEC Chairman Gary Gensler “too much leeway,” adding that more needs to be done for the sector.

Garlinghouse said:

“Unfortunately, the majority of Democrats continue to support Gensler’s unlawful war on cryptocurrencies, sabotaging the ability of American innovation to thrive… Gensler will go down in history as the Luddite of his time.”

His comments reflect a general frustration within the crypto community over the SEC’s perceived regulatory overreach. Garlinghouse’s characterization of Gensler as a “Luddite” reflects the sentiment that current regulatory actions are hampering innovation in the industry.

The Ripple CEO added that it was “no surprise” that the Republican Party had decided to take an openly pro-crypto stance, stressing that the issue had become a key concern for voters. He said:

“Words are easy, actions are hard, but necessary. Vote wisely. Voters are paying attention.”

Industry players optimistic

Meanwhile, Kristin Smith, CEO of the Blockchain Association, said the panel was “a meaningful step forward for crypto in DC.”

Smith said her presentation during the event highlighted that crypto is a key issue for many voters and that the industry is maturing. She expressed optimism about the discussions, stating:

“It’s working. Let’s keep the momentum going.”

Media reports following the event described the panel as a productive meeting aimed at fostering an open dialogue between the crypto industry and the Biden administration.

Sheila Warren, CEO of the Crypto Council for Innovation, told The Block that the meeting covered critical issues such as debanking and the SEC’s employee accounting bulletin on digital asset custody. She also said that Biden’s adviser was an engaged participant in the discussions.

With the 2024 election approaching, the political landscape regarding cryptocurrencies is becoming increasingly polarized. Former President Donald Trump has expressed strong support for the industry, and Republicans have recently followed his lead.

Meanwhile, Biden’s re-election campaign has reportedly turned to the crypto industry for policy guidance on digital assets, a stark departure from the administration’s previous stance.

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