Ripple CEO Brad Garlinghouse Admires Donald Trump\'s Running Mate and Pro-Crypto Senator James David Vance

Recently, crypto community members resurfaced a video showing Vance criticizing Gensler as the worst person to oversee the crypto industry.

Ripple CEO Brad Garlinghouse has praised Donald Trump’s running mate and U.S. Senator James David Vance for calling out SEC Chair Gary Gensler’s biased approach to crypto regulation.

A video of Vance criticizing Gensler as the worst person to oversee the crypto industry has resurfaced and is gaining attention. The clip, which was recorded at the Remedy Fest conference on 27th February, shows Vance highlighting the SEC’s biased treatment of crypto.

This footage has gone viral within the crypto community after presidential candidate Donald Trump chose Vance as his running mate. The community is celebrating this choice as they see pro-crypto politicians ascending to the presidency.

In the clip, Vance criticizes the SEC for moving in the opposite direction of what regulation should be, which he attributes to Gensler’s tendency to inject politics into the business of securities in the U.S.

Specifically, the pro-crypto senator points out that the SEC regulates crypto based on arbitrary criteria. He claims that if a crypto token has utility, the SEC wants to ban it, but they don’t seem to care if it lacks utility.

This view is bolstered by the fact that utility tokens like XRP, Cardano, and Solana have faced SEC lawsuits in the past few years. In contrast, billion-dollar valued meme coins like Dogecoin have been untouched.

Vance argues that this approach is misguided, stating that investor protection should focus more on crypto assets that lack utility. He notes that if a token has genuine utility, it should be regulated and monitored to ensure consumer safety. However, he warns against simply hunting them down and forcing them out of business.

According to the senator, the SEC’s approach could have unintended consequences on innovation. He mentions that many new social media platforms emerging in 2024 rely on blockchain technology to operate, including the use of high-utility tokens for verification purposes.

Vance notes that venture capitalists are excited about these companies leveraging blockchain to drive innovation in 21st-century communications.

However, if the SEC continues to restrict high-utility tokens, it will become increasingly difficult for these new companies to challenge the existing social media incumbents. Vance believes this would be a significant mistake.

This commentary by Vance is now widely being shared in the crypto community, and it has even attracted the attention of Ripple’s CEO. Commenting on it, Garlinghouse expresses admiration, calling for more elected officials to follow his lead.

This is what more elected officials should be doing – looking at technology as a way to extend American exceptionalism, rather than actively enabling an unelected official to do the opposite

— Brad Garlinghouse (@bgarlinghouse) 15th July 2024

According to Garlinghouse, Vance is demonstrating a forward-thinking approach by recognizing the potential of blockchain technology to further “American exceptionalism” rather than allowing unelected officials to stifle innovation.

Interestingly, Vance’s stance on cryptocurrencies has always been favorable. In February 2022, the senator condemned the power granted to banks to freeze accounts without a court order under the Emergencies Act in Canada. According to him, legislations like this are the reason crypto is “taking off.”

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