The Wall Street Journal published an opinion piece on SBF on December 18th. The article was titled “Where was (Biden’s) SEC sheriff at the time of the Sam Bankman-Fried case? ». ” Where was the SEC sheriff when Sam Bankman-Fried funneled funds from FTX clients to his trading house Alameda Research to fund risky bets and a lavish lifestyle? “, could we read in the article. It did not take more to react Brad Garlinghouse, CEO of Ripple.
Garlinghouse criticizes Gensler for his attitude in the FTX affair
Crypto firm Ripple and the SEC have been waging a legal battle for nearly two years. As the outcome of the lawsuit remains uncertain, the CEO of Ripple attacks the Chairman of the SEC. Indeed, Brad Garlinghouse launched spades against Gary Gensler this December 20 on Twitter. It was then that he commented a tweet of the Wall Street Journal on the chairman of the SEC.
” For months, Gary Gensler has claimed authority over crypto and warned against personal transactions on their exchanges. Why didn’t he investigate FTX? asks Allysia Finley “, could we read in the publication of the WSJ.
Garlinghouse said in his tweet : “ It’s ridiculous and downright shameful that Chairman Gensler touted SEC enforcement actions as a ‘cop on patrol’ “. He added : ” Yet, according to public reports, he spoke to SBF on several occasions “.
” But, he was completely caught off guard when the alleged fraud finally came to light ”, underlined the CEO of Ripple. Note that since the collapse of FTX, many crypto players have questioned Gensler’s inability to predict it.
In 2020, the SEC decided to sue the Ripple company based on a few allegations. Indeed, she accused the issuer of XRP of having sold it as as unregistered title. At the same time, the SEC did not investigate the FTX exchange until its collapse. Several members of the crypto community then wonder if the SEC is not a double standard.. Some criticize him for not having taken any relevant and effective decision so far for the regulation of crypto.
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