- Ripple’s CEO shared opinions about developments in the crypto industry.
- Garlinghouse asked the Biden administration to sack Gary Gensler.
- The CEO expressed disappointment over Biden’s SAB 121 veto.
Ripple’s CEO, Brad Garlinghouse, shared his opinions about recent developments in the crypto industry. In a recent interview, Garlinghouse told CNBC’s MacKenzie Sigalos, “It is a magical time to be alive.” He said this in response to Sigalos’ question about his feelings on current crypto events.
Garlinghouse discussed several issues, including the SEC’s recent spot Ethereum ETF approval, Gary Gensler’s continued role at the SEC, and President Biden’s veto of SAB 121.
Among the recent developments, Garlinghouse noted a renewed national focus on institutional involvement in crypto. He highlighted improvements in the industry’s participation in mainstream leadership roles, citing the election of pro-crypto, pro-innovation, and pro-consumer protection leaders to key positions.
Meanwhile, Garlinghouse said the SEC’s recent Ethereum ETF approval was inevitable. He noted the SEC has been losing in courts, including the court of public opinion and politics. Therefore, not supporting Ethereum ETFs could have resulted in another loss for the commission.
Acknowledging improvements in the crypto sector, Garlinghouse believes the most crucial decision for the Biden administration would be to remove Gary Gensler as the SEC Chair. He considers this the most important step to promote crypto development and appeal to the electorate.
However, the CEO expressed disappointment over President Biden’s veto of Congress’s decision on the SEC’s Staff Accounting Bulletin (SAB 121). He described the move as “incredibly disappointing” from the White House, noting that Biden’s administration chose a pivotal time to make a wrong decision.
Garlinghouse believes the SAB 121 veto announcement highlighted the Biden administration’s stance on crypto and could influence crypto voters in the upcoming U.S. Presidential election.
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