Ripple (CRYPTO: XRP) CEO Brad Garlinghouse praised SEC Chair Paul Atkins‘ leadership on Monday, contrasting it with the agency’s earlier approach under Gary Gensler.
Garlinghouse Slams Gensler-Led SEC
In an X post, Garlinghouse said that the regulator under Gensler had “declared war on a technology” and had lost its way.
“It was an unlawful power grab…and the courts said as much,” Garlinghouse stated, apparently referencing the SEC v. DEBT Box case, where a federal judge found the regulator had committed a "gross abuse of power.”
Atkins A ‘Breath Of Fresh Air’
Garlinghouse contrasted Gensler’s leadership with that of Atkins, whom he described as a “breath of fresh air and sanity.”
“He's focusing on what matters – protecting investors and fostering innovations that help those investors and the markets,” the Ripple CEO added.
Gensler, who is currently a professor at the MIT Sloan School of Management, didn’t immediately return Benzinga’s request for comment.
Ripple’s Push For Pro-Crypto Policies
Garlinghouse has repeatedly criticized the SEC’s approach during Gensler’s tenure, cautioning that the industry must not allow a repeat.
Ripple was locked in a five-year-long legal battle with the SEC over the status of XRP, a cryptocurrency at the center of the company's operations. The case finally ended in August last year after the Trump administration assumed office.
Garlinghouse previously admitted that the establishment of Fairshake, a cryptocurrency-focused super PAC, was a direct response to Gensler's actions against the industry. Ripple was the biggest donor, pledging $45 million to the pool dedicated to supporting and electing cryptocurrency-friendly candidates to Congress.
Meanwhile, Atkins has expressed his vision for the U.S. to become the “crypto capital of the world.” He has argued that traditional SEC rules are not fit for purpose and create marketplace uncertainty, thus driving the need for the Clarity Act.
However, Democrats believe the SEC is facing serious reputational damage, pointing to its dropped lawsuits against Binance (CRYPTO: BNB) and Tron (CRYPTO: TRX) founder Justin Sun.
Price Action: At the time of writing, XRP was exchanging hands at $1.42, up 1.22% in the last 24 hours, according to data from Benzinga Pro.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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