Ripple CEO Says Meetings with SBF ‘Embarrassing’

Ripple Labs CEO says former FTX CEO Sam Bankman-Fried’s meetings with US Securities and Exchange Commission (SEC) Chairman Gary Gensler were “embarrassing.”

In response to a Wall Street Journal op-ed questioning Gensler’s failure to foresee the FTX collapse, Brad Garlinghouse says it was shameful that the SEC chairman was caught off guard by the debacle, even after meeting with Bankman-Fried several times.

“It is ridiculous and downright embarrassing that Chairman Gensler was touting the SEC’s enforcement actions as ‘police on the beat,’ but (according to public reports) he met with [Sam Bankman-Fried] several times, but was caught completely red-handed when the alleged fraud finally came to light.”

The SEC sued Ripple in late 2020 over allegations that the company sold XRP as an unregistered security, but the regulator did not launch an investigation into FTX before the multibillion-dollar collapse.

According to pro-XRP attorney John E. Deaton, the SEC’s enforcement actions may have punished companies that were skirting regulations, but they did not set any precedent or guidelines. It refers to crypto-lending platform BlockFi, which agreed to pay $100 million in fines to the SEC, then went bankrupt months later.

“Everyone should ask Gary Gensler and the SEC what changed when BlockFi accepted and paid $70 million of the $100 million imposed by Gensler? BlockFi was making payments to the SEC for God’s sake. The SEC is the 2nd Largest Creditor in BlockFi Bankruptcy!

But what policies or practical measures were implemented with this agreement? Gensler says come in and talk. BlockFi did it and paid a lot of money to do it. But how did he offer this deal to others? How did this deal protect investors?”

FTX collapsed last month, and Bankman-Fried was subsequently indicted and charged with fraud, mishandling client funds and making illegal campaign donations. He was recently arrested in the Bahamas.

Disclaimer: Opinions, estimates, expectations, and projections expressed in any article by its author may not reflect those of To the best of our ability, we believe the positions and beliefs shared are accurate, but may not contain all known material relating to the topic.

Articles are for informational and/or educational purposes only. Nothing on should be interpreted as professional advice (including but not limited to finanicial, legal, medical or investment) and is not a request to make any exchange of goods, securities or other financial instruments. is not responsible for any errors or omissions contained in any disseminated material and are not liable for any loss incurred as a result of using the material in any way. The intent is merely to provide useful news and timely information about current and historical events, products, and services.

You May Also Like