Ripple CEO Brad Garlinghouse made a bold statement during a press conference, claiming that Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), would be fired regardless of the outcome of the presidential election. Even if Kamala Harris were to become president, Garlinghouse believes Gensler’s position would not be secure.
Garlinghouse’s remarks came during a press conference in Seoul, where he revealed that he had spoken with influential figures from both the Democratic and Republican parties. According to him, both parties are dissatisfied with Gensler’s performance as the head of the SEC. Reports on the conference highlighted Garlinghouse’s confidence in predicting Gensler’s imminent departure, given the widespread discontentment with his actions.
Furthermore, Garlinghouse criticized Gensler for his strict approach to digital assets, which has been a source of contention in his ongoing battle with the SEC. The CEO pointed out that Gensler’s handling of cryptocurrencies has even garnered opposition from prominent judges, citing the SEC chair’s use of the term “digital asset securities” as particularly controversial.
This recent development adds to the speculation surrounding Kamala Harris’ potential appointment of Gensler as Treasury Secretary if she were to assume the presidency. Although these rumors remain unconfirmed, it is believed that Gensler’s new position would provide him with additional power to continue his regulatory efforts in the digital asset space. However, given Harris’ increasing interest in cryptocurrencies, she may consider removing Gensler to gain trust from the sector.
It is worth noting that Republican candidate Donald Trump had previously announced his plan to fire Gensler on his first day in office, promising a more favorable environment for digital assets. With major stakeholders from both sides expressing their dissatisfaction with Gensler, his future at the SEC remains uncertain.