tl;dr
Ripple CEO Brad Garlinghouse criticizes SEC Chairman Gary Gensler as a political liability to the Biden administration in light of the FIT21 crypto bill passed by Congress. Garlinghouse notes that 71 Democrat legislators crossed the aisle to support the bill, indicating disapproval of Gensler's stan...
Ripple CEO Brad Garlinghouse has criticized SEC Chairman Gary Gensler as a political liability to the Biden administration in light of the FIT21 crypto bill passed by Congress. Garlinghouse notes that 71 Democrat legislators crossed the aisle to support the bill, indicating disapproval of Gensler's stance on cryptocurrency. He highlights a section of the bill influenced by Judge Torres' decision in the SEC vs. Ripple case. The bill's passing is seen as a significant step toward regulatory clarity in cryptocurrency.
Key points:
- Ripple CEO labels SEC Chairman a political liability amid new developments in the FIT21 crypto bill passed by Congress
- 71 Democrat legislators did not support Gensler’s position on the recently passed crypto bill
- Garlinghouse believes Judge Torres’ judgement influenced a section of the FIT21 crypto bill
The Ripple CEO noted that 71 Democrat legislators crossed the aisle to support the FIT21 crypto bill, demonstrating their disapproval of Gensler’s position concerning cryptocurrency. He highlighted a section of the bill addressing how to treat digital assets sold according to an investment contract.
Meanwhile, Garlinghouse highlighted the section of the bill he believes was influenced by Judge Torres’ decision in the case between the SEC and Ripple. In a July 2023 decision, the U.S. Judge ruled that XRP is not a security, giving Ripple a partial victory in the protracted litigation.
In December 2023, Garlinghouse called Gensler a “political liability whose actions have harmed consumers and undermined the integrity of the SEC while remaining buddy-buddy with Wall Street.” He called the SEC chair a hypocrite and accused him of being complicit with the biggest fraud in recent memory.
The U.S. House of Representatives passed the FIT21 crypto bill on Wednesday, May 22, 2024. Analysts consider the development a significant milestone in the cryptocurrency evolution and a substantial step toward regulatory clarity.
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Portland General Electric Co Summary
Portland General Electric Company, an integrated electric utility company, is engaged in the generation, wholesaling, transmission, distribution, and retail of electricity in the state of Oregon. The company is headquartered in Portland, Oregon.
Sector: ENERGY & TRANSPORTATION
Industry: ELECTRIC SERVICES
Market Cap: 4,667,306,000
Current Price: $17.39
Dividend Yield (%): 1.9
P/E Ratio: 2.57
EPS: 31.0
Beta: 0.0847
Revenue: 3,104,000,000
Net Income: 48.64
Debt to Equity: 0.345
Quick Ratio: 0.242