Gensler's Controversial Statement

During his recent interview at the Bloomberg Investment Summit, SEC Chairman Gary Gensler commented that most crypto executives have gone to jail. This didn't go well with crypto industry leaders who slammed the SEC chair.

While speaking about the crypto industry during his Bloomberg interview, SEC chair Gary Gensler said: "The American public is not getting the proper disclosure they are required to get by law, but they need. This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition."

Ripple CEO's Fiery Response

Responding to his comments, Ripple CEO Brad Garlinghouse strongly criticized Gensler's comments as "absolute nonsense".

Besides, Garlinghouse also highlighted Gensler's failure to address the FTX collapse, his strong ties with Sam Bankman-Fried, and his absence from the DOJ's announcement on Binance.

Furthermore, the Ripple CEO stated that he would have been dismissed if the SEC Chairman had genuinely worked for the American people. He also warned that Gensler's actions could cost American President Joe Biden the upcoming 2024 US elections.

Growing Concerns in the Industry

Brad Garlinghouse is one of many who point out how Gensler's actions can cost Joe Biden the next election. Billionaire Mark Cuban also made similar comments in May of last month.

During the Bloomberg interview, the host reminded him of Cuban's views. Responding to this, the SEC Chair said: "I don't speak about elections."

Adding further, he said: "My role as a securities regulator -- as chair of this great 5,000-person agency that oversees $120 trillion capital markets -- is to look out for investors, look out for issuers and, where appropriate, to be a cop on the beat."

Industry vs. SEC: The Battle Continues

While the crypto industry has criticized Gary Gensler for the inconsistencies in the securities laws, the SEC chair has refuted this outright.

"There's nothing inconsistent about crypto securities and the securities laws," he said. The tension between the SEC and the crypto industry shows no signs of waning as stakeholders clash over regulatory approaches and market integrity.