Ripple CEO Slams SEC’s Gensler as “Luddite of His Time” Over Anti-Crypto Stance

  • Ripple CEO Brad Garlinghouse has once again criticized U.S. Securities and Exchange Commission Chair Gary Gensler, branding him “the Luddite of his time.”
  • Garlinghouse’s comparison links Gensler to the anti-industry movement in the early 19th century that opposed industrialization.
  • The term “Luddite” has evolved to describe those who resist modern technology, which Garlinghouse uses to highlight Gensler’s stance on crypto innovations.

Ripple CEO Brad Garlinghouse criticizes SEC’s Gary Gensler by calling him a modern-day Luddite, sparking debate over crypto regulation and innovation in the U.S.

Garlinghouse’s Harsh Criticism of Gensler

Brad Garlinghouse, the CEO of Ripple, has publicly berated Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), stating that Gensler’s actions are akin to those of the Luddites—19th-century workers who destroyed machinery to protest technological advancements. Garlinghouse draws parallels to emphasize that Gensler’s stringent anti-crypto policies are hampering innovation within the United States. Despite Gensler’s background in teaching blockchain technology at MIT, his regulatory approach has been interpreted as regressive by many in the cryptocurrency community.

The Historical Context of Luddite Movement

The original Luddites were a group of early 19th-century workers from Yorkshire and Lancashire who opposed the introduction of machinery, believing it threatened their livelihoods by reducing wages. They showed their resistance by vandalizing industrial equipment. Today, the term “Neo-Luddism” is used to describe resistance to modern technologies, often highlighting a fear of rapid technological changes. Garlinghouse’s comparison suggests that Gensler’s policies are similarly rooted in an aversion to innovation, despite the potential benefits that blockchain and cryptocurrency technologies offer.

Impact on U.S. Cryptocurrency Advancements

Garlinghouse has warned that the United States risks falling behind other nations in the rapidly advancing field of cryptocurrency. According to him, Gensler’s regulatory stance has curtailed the sector’s growth within the nation, potentially losing the competitive edge to countries more open to digital financial innovations. Furthermore, Garlinghouse pointed out that despite Gensler’s aggressive approach, the SEC failed to prevent significant industry debacles, such as the collapse of FTX. These events underscore the need for balanced regulations that secure investor interests without stifling innovation.

Conclusion

In his ongoing critique, Brad Garlinghouse continues to challenge Gary Gensler’s leadership of the SEC, arguing that his policies are reminiscent of anti-progressivist sentiments from the past. By likening Gensler to a modern-day Luddite, Garlinghouse aims to spotlight the tension between regulatory frameworks and technological innovation. As the debate intensifies, the future of cryptocurrency in the United States may hinge on finding a regulatory balance that fosters both security and advancement.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

MYX Suffers $46.89M in 24-Hour Liquidations, Leading Crypto Market — Coinglass

According to Coinglass data on September 9, the MYX...

$SPX, $FLOCK listed on Coinbase spot

$SPX, $FLOCK listed on Coinbase spot #SPX #FLOCK

OpenLedger Officially Listed on Binance Alpha & Gate, Surges 668.5% to 1.742 USDT — AI Blockchain to Monetize Data and Models

OpenLedger, an Artificial Intelligence Blockchain, debuted on major venues...

Binance Wallet Launches AI-Powered Trading Signals to Spot BNB Smart Money and Sentiment Moves

According to official sources, Binance Wallet has launched a...

Ethereum Whale Awakens After 4 Years — Moves 47,507 ETH ($2.07B) to Four New Wallets, 2,900 ETH Sent to Tornado.Cash

According to LookIntoChain monitoring, whale address 0x67f7 has reactivated...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img