The head of Ripple allowed Biden to lose the election due to the actions of the head of the SEC

The head of the fintech company Ripple, which developed the payment protocol of the same name and the XRP token with a capitalization of $26.4 billion, again criticized the Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler. According to top manager Brad Garlinghouse, Gensler's activities as head of the regulator could cause Joe Biden's defeat in the presidential election in November. Ripple has been in a legal battle with the SEC since December 2020. Then the regulator accused the company of illegally raising $1.3 billion through the sale of unregistered securities in the form of XRP tokens.

Last year, the court found irregularities in institutional sales of the asset, but noted that sales to retail investors through exchanges were legal. In this case, the SEC is seeking a $2 billion fine. Currently, Ripple is trying to challenge this amount and reduce it to 10 million, pointing out that there was no harm to investors and noting the fact that the company was not accused of fraud.

In his new address, Garlinghouse commented on Gensler's speech at the Bloomberg Invest Summit, where the official said that in the crypto industry, non-compliance with legal requirements is widespread, and the leading players who worked a couple of years ago are already “in prison, about to go to prison, or are awaiting extradition.” Gensler probably had in mind the founder of what was once one of the largest crypto exchanges FTX, Sam Bankman-Fried, who received 25 years in prison for stealing $8 billion from clients, as well as the creator of the TerraUST and LUNA coins, Do Kwon, who is awaiting extradition from Montenegro to face multibillion-dollar charges. fraud.

Garlinghouse criticized the official for such words, recalling that he could not protect FTX investors from fraud and, moreover, maintained contact with the founder of the exchange.