Ripple’s Garlinghouse credits SEC’s actions under Gensler for uniting the crypto industry behind Fairshake.
SEC Crackdown Sparks Formation of Fairshake
Ripple CEO Brad Garlinghouse revealed that the crypto-backed super PAC Fairshake emerged in response to the SEC’s aggressive regulatory actions led by Chair Gary Gensler. With over 120 lawsuits targeting crypto companies, Gensler’s tenure was characterized as a “war on crypto,” prompting industry players to organize politically.
Ripple’s Legal Battle and Fairshake’s Agenda
Ripple’s ongoing legal fight with the SEC, initiated in 2020, has cost the company over $150 million. The case, which challenges the classification of XRP as a security, became a rallying point for industry collaboration through Fairshake, aiming to influence policy and safeguard crypto innovation.
Gensler’s Departure and Future Regulatory Challenges
As Gensler prepares to step down in January, the SEC defends its enforcement, emphasizing investor protection. Fairshake’s growing role in the 2024 election underscores the crypto sector’s determination to reshape its regulatory environment.
A Unified Front for Crypto Advocacy
Garlinghouse’s remarks highlight how regulatory pressure has galvanized the crypto industry to assert its voice through Fairshake, marking a pivotal moment in the intersection of politics and blockchain technology.
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