Ripple CEO Brad Garlinghouse emphasized the need for this substantive action in crypto regulation following a crucial roundtable discussion with key industry and government figures.
The event – hosted by Congressman Ro Khanna (D-CA) – gathered prominent figures such as entrepreneur Mark Cuban, Coinbase Chief Legal Officer Paul Grewal and Circle Chief Strategy Officer Dante Disparte.
On the government side, the event was attended by White House representatives – including Anita Dunn, senior adviser to President Joe Biden – and influential lawmakers such as Senator Kirsten Gillibrand (D-NY) and Congressman Joe Neguse (D-CO).
According to initial reports, industry participants were cautiously hopeful about the regulatory landscape in the coming months.
Ripple CEO criticizes Democrats
Garlinghouse praised Congressman Khanna for his commitment to the industry and expressed hope that the roundtable would mark a turning point. However, he also criticized the Democratic party for “enabling” SEC Chairman Gary Gensler, adding that more needs to be done for the industry.
Garlinghouse said:
“Unfortunately, the majority of Democrats continue to enable Gensler’s illegitimate war on crypto – sabotaging the ability of American innovation to thrive… Gensler will go down in history as the Luddite of his time.”
His comments reflect a broader frustration within the crypto community over the SEC’s perceived regulatory overreach. Garlinghouse’s characterization of Gensler as a ‘Luddite’ reflects the sense that current regulatory measures are stifling innovation in the sector.
The Ripple CEO added that it was “no wonder” that the Republican Party chose to take an openly pro-crypto stance, emphasizing that the issue has become a major concern for voters. He said:
“Words are easy, action is difficult but necessary. Choose wisely. Voters are paying attention.”
Industry players are optimistic
Meanwhile, Kristin Smith, CEO of the Blockchain Association, said the roundtable was “a thoughtful step forward for crypto in DC.”
Smith said her speech at the event highlighted that crypto is a key issue for many voters and that the industry is maturing. She expressed optimism about the discussions, stating:
“It’s working. Let’s keep the momentum going.”
Media reports after the event described the roundtable as a productive meeting aimed at promoting open dialogue between the crypto industry and the Biden administration.
Sheila Warren, CEO of the Crypto Council for Innovation, told the Block that the session covered critical issues such as debanking and the SEC’s accounting bulletin on the custody of digital assets. She also said Biden’s adviser was an enthusiastic participant in the discussions.
As the 2024 elections approach, the political landscape regarding crypto is becoming increasingly polarized. Former President Donald Trump has expressed strong support for the industry, and the Republican Party has recently followed suit.
Meanwhile, Biden’s re-election campaign has reportedly reached out to the crypto industry for advice on digital asset policy, marking a significant shift from the administration’s previous position.