Brad Garlinghouse voiced sharp criticism against SEC Chair Gary Gensler, pointing out significant contradictions in the SEC’s approach to regulating cryptocurrencies.
Garlinghouse took to social media to express his disapproval of Gary Gensler’s “stunning hypocrisy.”
Garlinghouse questioned the consistency of Gensler’s stance and accused Gensler of showing leniency towards significant financial controversies while claiming to advocate for consumer protection.
Gensler said, “There is a lot of noncompliance in the crypto space. It undermines confidence when so many people have been hurt and all they can do is stand in line in the bankruptcy court. Further, this can make it hard for the good faith actors to compete.”
In response, Garlinghouse accused Gensler of being hypocritical, pointing out that the SEC chief “cozied up to the biggest fraud in recent memory.” He also furthered that Gensler’s actions have harmed consumers and eroded the SEC’s integrity while maintaining close ties with Wall Street.
Garlinghouse has previously expressed his reservations about Gensler. He has likened Gensler’s management approach to that of an autocrat and has urged Congress to scrutinize Gensler’s decisions.