Stop Wasting Time, Focus on Crypto Fraud: Ripple CEO Bashes SEC’s Gary Gensler

In a bold move that sent ripples through the crypto world, Ripple’s CEO, Brad Garlinghouse, recently took the stage to unleash scathing critiques at the US regulatory landscape and its chair, Gary Gensler.

Brace yourselves as we delve into the heated words exchanged and explore the potential implications for XRP investors.

What’s the SEC Doing Wrong?

During a panel at DC Fintech Week, Brad Garlinghouse minced no words when aiming his criticisms at the US Securities and Exchange Commission (SEC) and its Chair, Gary Gensler.

In a direct hit, he asserted, “If The SEC & Gary Gensler Wasn’t Wasting Time Suing Ripple & Meeting With Sam Bankman-Fried, Maybe We Could’ve Avoided Some Of The Fraud That Occurred In The Crypto Space.”

Garlinghouse didn’t stop there. Responding to rumors about the SEC’s discussions with Grayscale regarding the Grayscale Bitcoin Trust (GBTC) potentially transforming into a spot Bitcoin exchange-traded fund (ETF), he compared the US’s approach unfavorably to other nations actively engaging with the cryptocurrency industry. He went as far as implying that the SEC’s stance under Gensler was nothing short of a “political liability.”

Read More: Congress Bill Challenges SEC’s Regulatory Authority; Gensler Restricted?

What’s With the Government’s Cryptic Stance?

In a separate interview, Garlinghouse didn’t hold back, criticizing the US government’s ambiguous stance on cryptocurrencies. Despite Ripple’s recent partial victory against the SEC, he highlighted the lingering caution among US banks in integrating XRP due to the ongoing regulatory uncertainty.

“Look, even though you won the case, the US government is still hostile towards crypto,” Garlinghouse noted.

Read More: Ripple CEO Exposes Why US Banks Are Hesitant to Embrace Crypto

He pointed out that the Office of the Comptroller of the Currency (OCC) is against cryptocurrencies, and significant participation from American banks is unlikely until this changes.

Despite the regulatory storm, Ripple has received positive feedback from the SEC and payment processors. They’ve submitted a proposed remedy plan to Judge Torres, requesting a 90-day window for scheduling entry.

Market Watch: XRP Price Predictions

While XRP currently trades at $0.6933, price predictions hint at potential upward momentum. EGRAG’s technical analysis suggests a bullish scenario, projecting XRP’s market capitalization to potentially reach an all-time high of $997 billion. Historically lackluster, XRP’s market cap faces a hurdle with a forecasted $18 price requiring over 800% growth, making it a challenge for Ripple to capture early adopters.

Investors are left to weigh the potential gains against the prevailing regulatory uncertainties as Ripple’s CEO continues to voice concerns over the US government’s stance on cryptocurrencies.