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Ripple CEO Calls Gensler "Luddite of His Time"

source-logo  u.today 10 July 2024 19:20, UTC

Ripple CEO Brad Garlinghouse has once again lambasted U.S. Securities and Exchange Commission Chair Gary Gensler, calling him "the Luddite of his time."

Garlinghouse compared the SEC boss to the members of a popular anti-industry movement that emerged in the early 19th century. Its members were fighting against various types of machinery in Yorkshire and Lancashire. They argued that machines were being used in order to unfairly reduce wages. The Luddites would go to extreme lengths to oppose industrialization, resorting to machine braking and aggression.

The term continues to be used in various discourses to refer to people who oppose innovation. "Neo-Luddism," a modern version of the term, is a movement of people who show resistance to modern technologies.

Genser, despite teaching about blockchain at MIT, has faced severe criticism for attempting to stifle innovation with his aggressive anti-crypto policies.

The Ripple boss repeatedly stressed that the US could fall behind other countries when it comes to cryptocurrency advancements.

Last month, Garlinghouse also took Gensler to task for failing to prevent the FTX fiasco in response to the latter's comment about crypto executives either ending up behind bars or awaiting extradition.