u.today
Ripple co-founder Chris Larsen offered a scathing criticism of U.S. Securities and Exchange Commission Chair Gary Gensler in a recent interview with CNBC, arguing that he is the worst public servant of all time.
"I think Gary Gensler has been the worst public servant that we've ever had in this country," he said.
Larsen was named as an individual defendant alongside CEO Brad Garlinghouse in the SEC lawsuit that was originally filed in late 2020. The duo was accused of aiding and abetting the alleged securities law violations committed by the enterprise blockchain company.
In October 2023, the agency moved to dismiss the charges against the two high-profile executives. Back then, Garlinghouse argued that the SEC wanted to "personally ruin" him and Larsen.
Earlier this month, the SEC ended up filing a notice of appeal. In its Form C, it revealed that it would go after the executives once again.
After his initial appointment, many saw Gensler, a crypto-savvy SEC boss who used to teach a blockchain course at MIT, as their hope. However, the former investment banker ended up pursuing a very aggressive "regulation by enforcement" strategy, going after a slew of prominent crypto firms such as Coinbase and Binance. Gensler, of course, also continued to pursue the SEC's lawsuit against Ripple that was initially brought by former Chair Jay Clayton.
As reported by U.Today, Garlinghouse slammed Gensler as the "Luddite of his times" for hindering cryptocurrency progress in the U.S.
The SEC has also been criticized by the Ripple boss for failing to prevent the FTX fiasco.