Ripple CEO Brad Garlinghouse has declared that SEC’s recent actions wouldn’t distract the industry from its failure in what he called the “FTX debacle.” Garlinghouse also stated that Gensler’s actions now differ from his “pro-innovation stance”.
The recent regulatory clampdown on Binance and Coinbase has evoked a lot of issues in the crypto industry. After the SEC announced the lawsuit against Binance, the exchange saw net outflows amounting to $778 million in 24 hours. Also, on-chain analyst CryptoQuant revealed that withdrawals on Binance spiked following the announcement.
While the industry still reels from the US SEC’s actions against the two top crypto firms, its Chair, Gary Gensler, declared that the country doesn’t need more crypto assets.
SEC Chair Gensler’s Actions Negates The Message He Preaches
While speaking during CNBC’s “Squawk on the Street” on June 6, the US SEC Chair Gensler said,
“Look, we don’t need more digital currency,” “We already have digital currency. It’s called the U.S. dollar. It’s called the euro, or it’s called the yen; they’re all digital right now. We already have digital investments.”
Related Reading: Kim Kardashian’s Cryptocurrency Lawsuit Progresses Amid Alleged Deceptive Statements
After the speech, the Ripple CEO too
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Author: Eli Dambel
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