Ripple CEO Slams SEC Chair: XRP Exchange Supply Hits Year Low

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The Ripple CEO has issued a strong critique against SEC Chair Gary Gensler’s recent remarks on the cryptocurrency sector.
Gensler’s statements included harsh criticism, suggesting that industry experts are either imprisoned, soon to be imprisoned, or facing extradition.
Brad Garlinghouse responded by asserting that Gensler would have been dismissed had he genuinely served the American public’s interests.

Ripple CEO Brad Garlinghouse criticizes SEC Chair Gary Gensler, calling his remarks on the cryptocurrency sector “nonsense” and questioning his motives.

Garlinghouse Fires Back at Gensler’s Accusations

Ripple CEO Brad Garlinghouse has publicly lambasted SEC Chair Gary Gensler following remarks made during a recent Bloomberg interview. Gensler highlighted severe concerns regarding investor protection and the alleged prevalence of unregistered securities within the crypto market. He stated that the expansive market, with roughly 20,000 tokens he considers investment contracts, is not providing the necessary disclosures as mandated by law.

Ripple CEO’s Response

Garlinghouse did not hold back in his response, arguing that Gensler’s approach is fundamentally flawed. He emphasized that if Gensler were genuinely working for the benefit of the American public, he would have been ousted from his position a long time ago. Garlinghouse also suggested that Gensler’s aggressive stance could have adverse effects on President Biden’s chances for re-election.

XRP Token Trends and Market Impact

In parallel to the ongoing verbal exchanges, the XRP token is demonstrating intriguing market behavior. The current exchange supply of XRP has dropped to 2.84 million, approximately valued at $1.43 million, marking the lowest levels since the start of the year. This trend potentially reflects a change in investor sentiment towards XRP.

Recent Trading Performance

At the time of this report, XRP’s trading price is $0.4768, showing a slight 24-hour increase of 0.20%. Despite this modest uptick, the token has faced significant declines of 3.76% and 10.49% over the past week and month, respectively. Moreover, the 24-hour trading volume has seen a considerable decrease of 29.67%, currently standing at $889 million, which may indicate waning interest among investors.

Conclusion

In summary, the ongoing tensions between Ripple’s Brad Garlinghouse and SEC Chair Gary Gensler underscore the broader regulatory challenges facing the cryptocurrency industry. As the market evolves, investor sentiment appears to be shifting, as evidenced by the declining supply and trading volume of XRP. Moving forward, the industry will need to navigate these regulatory hurdles carefully to maintain investor confidence and promote sustainable growth.