Ripple CEO Brad Garlinghouse suggested that the administration of US President Joe Biden demand the resignation of SEC Chairman Gary Gensler to demonstrate seriousness regarding cryptocurrencies.

Brad Garlinghouse wrote about this on social media X in response to reports of Joe Biden's election campaign asking members of the crypto industry what the optimal approach to regulating cryptocurrencies should be. Garlinghouse responded: To change unfavorable cryptocurrency policies, Gary Gensler must be removed from his post as chairman of the US Securities and Exchange Commission (SEC).

The head of Ripple explained that instead of developing clear rules for regulating cryptocurrencies, Gensler focused on prosecuting companies working with digital assets. To achieve this, the department is increasing its staff by hiring a large number of lawyers. Additionally, in March, the SEC asked Congress for $2.5 billion to combat crypto companies in 2025.

Garlinghouse emphasized that the SEC seeks to control the crypto industry through coercion, not through open dialogue. The SEC, under Gensler's leadership, has initiated several lawsuits against crypto companies, including the largest crypto exchanges Coinbase, Binance and Kraken.

Recently, President Biden's administration has become more favorable towards the crypto industry, as evidenced by the emergence of spot exchange-traded funds (ETFs) for bitcoin and ether in the United States. Recently, Garlinghouse suggested that exchange-traded funds tied to the cryptocurrencies Ripple, Solana and Cardano will appear on the market in the near future.

Last week, the US House of Representatives approved a bill on cryptocurrencies and the structure of the crypto market, delimiting the powers to regulate it between supervisory agencies.