The CEO of Ripple is encouraging President Biden to appoint a new chair for the SEC to support the cryptocurrency industry.

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CEO of Ripple, Brad Garlinghouse, has called for SEC Chair Gary Gensler to resign from his position. Garlinghouse expressed this belief in a recent X post as reports indicated that President Joe Biden may seek input from industry experts regarding cryptocurrency regulation.

Garlinghouse’s motivation for wanting Gensler’s resignation stems from the general sentiment within the crypto community that Gensler’s policies have been unfavorable. Instead of creating clear regulations, Garlinghouse criticized Gensler for prioritizing hiring lawyers to prosecute the industry, which he believes to be a form of enforcement rather than regulation.

As a result of Gensler’s leadership, the SEC has filed multiple lawsuits against crypto companies, leading to delays in resolving issues like the Ripple lawsuit. This has sparked a “Fire Gensler” movement within the industry, prompting Garlinghouse to call for Biden’s administration to ask for Gensler’s resignation.

Surprisingly, President Biden has shown support for the crypto industry in recent developments, including the approval of Bitcoin and Ethereum spot-based ETFs and bipartisan support for a pro-crypto bill in the House of Representatives. Reports suggest that the Biden administration is actively engaged with industry leaders to develop favorable regulations for cryptocurrencies, a significant shift from his previous stance on the industry.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed are those of the author and do not reflect the views of The Crypto Basic. Readers should conduct their own research before making investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.