Ripple CEO Brad Garlinghouse
Senator James Davis Vance, Donald Trump’s vice-presidential candidate, has praised Ripple CEO Brad Garlinghouse for criticizing SEC Chair Gary Gensler’s partisan stance on cryptocurrency regulation.
Recently, crypto community members resurrected a video of Vance calling Gensler the worst person to govern the crypto business. The video was shot at the Remedy Fest conference on February 27.
Ever since Donald Trump chose Vance as his running mate, it has gained popularity in the cryptocurrency sector. Voters applaud this decision as the pro-crypto candidate gains the power of the presidency.
Vance Draws Attention to the SEC’s Neglect of Crypto Technology
James Davis Vance
Vance bemoaned in the video that Gensler has the wrong stance on proper regulation. He attributed this to Gensler’s tendency to promote politics in the US securities industry.
In particular, the senator who supports cryptocurrencies emphasized the SEC regulates them according to arbitrary standards. According to him, the SEC wants to outlaw cryptocurrency tokens that have a use, but they don’t care if they don’t.
That utility tokens like XRP, Cardano, and Solana have been the target of SEC lawsuits in recent years supports this view. This has not affected billion-dollar memes like Dogecoin.
Vance stated that this strategy is wrong and that investor protection should focus on crypto assets with little utility. He stated that if a token has true utility, it should be controlled and monitored to protect consumers. However, he cautioned against just hunting them down and driving them out of business.
The senator believes the SEC’s strategy could have an unexpected impact on innovation. He said many of the new social media networks launching in 2024 rely on blockchain technology, including the use of high-utility tokens for verification.
According to Vance, venture funders are excited about the use of blockchain technology to drive innovation in communications in the twenty-first century.
But if the SEC continues to ban high-utility tokens, it will be harder for these new businesses to compete with established social media giants. Vance thinks this would be a grave mistake.
Ripple CEO reacts with praise
Garlinghouse commented on it, expressing admiration and encouraging other elected officials to follow his example.
According to Garlinghouse, Vance is taking a forward-thinking approach by recognizing blockchain technology’s potential to advance “American exceptionalism” rather than enabling unelected politicians to hinder innovation. Surprisingly, Vance’s attitude toward cryptocurrency has always been favorable.
