Crypto-Backed Super PAC Fairshake Possibly Created Due to SEC Chair Gensler – News
The major crypto-funded super PAC in the 2024 election, Fairshake, might not exist today if it weren’t for the actions of Securities Exchange Commission Chair Gary Gensler, according to Ripple CEO Brad Garlinghouse in an upcoming interview on 60 Minutes. Gensler, who will be stepping down from his position on Jan. 20, played a significant role in the federal government’s strict enforcement actions against the crypto industry. Under Gensler’s leadership, the SEC initiated over 120 lawsuits against crypto companies, setting a tense tone for the industry.
Garlinghouse explained that the SEC’s aggressive stance on crypto regulation prompted Ripple and other crypto companies to band together and establish Fairshake in 2023. In a recent discussion, Garlinghouse highlighted the impact of Gensler’s tenure, stating that without him, Fairshake likely wouldn’t have become a reality.
The conflict between the SEC and Ripple dates back to December 2020, during the final days of the Trump administration, when the SEC sued Ripple alleging that XRP was an unregistered security. Since then, Ripple has committed over $150 million to legal battles against the SEC, arguing that XRP should not be treated as a security subject to the SEC’s rules on registration and disclosure requirements.
Responding to Garlinghouse’s claims, an SEC spokesperson emphasized that any resources the crypto industry allocates to legal defense or lobbying efforts don’t compare to the losses faced by investors due to fraud and failures in the market. The full story on cryptocurrency and the SEC’s role in shaping the industry will air on a special segment of 60 Minutes this Sunday at 7 p.m. ET on CBS stations.
The interview sheds light on the intersection of cryptocurrency and regulatory oversight, providing insight into the challenges faced by companies like Ripple in navigating the complex legal landscape surrounding digital assets. Don’t miss this revealing look at the growing influence of regulation on the rapidly evolving world of cryptocurrencies.
