Crypto Industry Leaders Criticize SEC Chair Gensler's Regulatory Approach

Ripple CEO Brad Garlinghouse has criticized SEC Chairman Gary Gensler for claiming the authority to determine which crypto tokens are securities, rather than relying on the legislation that governs his agency's power. Garlinghouse accused Gensler of behaving like an autocrat and called on elected officials to take notice. The SEC has filed a lawsuit against Ripple, claiming that XRP is a security, but Ripple and Garlinghouse have consistently argued that it is not. Coinbase recently received a Wells notice from the SEC regarding potential violations of securities law.