Ripple CEO Calls Gensler “Luddite of His Time”

Ripple CEO Brad Garlinghouse criticized SEC Chair Gary Gensler, comparing him to the Luddites of the early 19th century who opposed industrial innovation. Garlinghouse’s comments highlight ongoing tensions between Ripple and the SEC.

Points

• Ripple CEO criticizes SEC Chair Gary Gensler.
• Compares Gensler to early 19th-century Luddites.
• Tensions between Ripple and SEC over regulatory approach.
• Garlinghouse’s response to Gensler’s anti-crypto stance.
• Historical context of the Luddite movement.

Ripple CEO Brad Garlinghouse has publicly criticized SEC Chair Gary Gensler, likening him to the Luddites, a group of early 19th-century workers who opposed industrial machinery, fearing it would undermine their jobs and wages. Garlinghouse made these remarks in response to Gensler’s stringent regulatory stance on cryptocurrencies.

https://x.com/bgarlinghouse/status/1811067423111663737

Ripple CEO Criticizes SEC Chair Gensler

Garlinghouse’s comparison of Gensler to the Luddites underscores the ongoing tensions between Ripple and the SEC. The term “Luddite” has historically been used to describe individuals resistant to technological advancements. Garlinghouse’s use of the term suggests he views Gensler’s approach to crypto regulation as obstructive to innovation.

Historical Context of the Luddite Movement

The Luddites emerged in Yorkshire and Lancashire in the early 19th century, reacting violently against the introduction of machinery in the textile industry, which they believed threatened their livelihoods. They resorted to breaking machines and engaging in aggressive actions to oppose industrialization.

In modern discourse, “Neo-Luddism” refers to a movement resisting modern technologies. Despite Gensler’s background in teaching blockchain technology at MIT, he has faced severe criticism for his perceived anti-innovation policies regarding cryptocurrency regulation.

Ripple’s Regulatory Challenges and Gensler’s Criticism

Garlinghouse’s criticism also reflects frustration over the SEC’s handling of the Ripple case and its broader regulatory approach. Last month, Garlinghouse accused Gensler of failing to prevent the collapse of FTX, highlighting the SEC Chair’s comments about crypto executives facing legal consequences.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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