- Democratic donors are pushing Vice President Kamala Harris to replace Lina Khan (FTC Chair) and Gary Gensler (SEC Chair) if she wins the 2024 election.
- Gary Gensler is actually under fire from both Democrats and Republicans, particularly over his tough regulatory stance on cryptocurrencies, with many calling for his replacement, including Trump and Cuban.
- Ripple Co-founder Chris Larsen has endorsed Kamala Harris, aligning with Ripple’s history of supporting Democratic campaigns, while Ripple is a significant contributor to the crypto-focused PAC Fairshake.
Deep-pocketed Democratic donors from Wall Street are urging Vice President Kamala Harris to replace two unpopular people in crypto, Lina Khan and Gary Gensler, if she wins the presidential election.
Related: Donald Trump to Soon Reveal Plan to Make US The ‘Crypto Capital of The Planet’
Trump’s Not The Only One Who Wants to Fire Gensler
According to a report from Bloomberg, the Democrat donors have cited concern about the regulatory approaches of Khan, chair of the Federal Trade Commission (FTC), and Gensler, chair of the Securities and Exchange Commission (SEC), during private calls and fundraising events.
First, Khan, appointed by President Biden in 2021, has been criticised for her tough stance on antitrust cases, which has slowed down mergers and acquisitions, the report says, particularly in the tech industry. It makes sense why the donors would want to fire her, given that most of them are from finance and tech.
Not everything was said during private calls, though. High-profile donors, such as Barry Diller and LinkedIn co-founder Reid Hoffman, have publicly expressed their desire for Khan’s removal, arguing her policies are detrimental to economic growth. Bloomberg wrote:
The private conversations about having her replaced have intensified since public calls for her ouster in July from Barry Diller, chairman of IAC Inc., and LinkedIn Corp. co-founder Reid Hoffman, who said Khan was ‘waging war on American business’.
BloombergAnd Gensler? Well, for those deep in the crypto space, it is obvious why they would want to fire him. Even Trump and Mark Cuban want to fire him—everyone wants to fire him. But unless someone does, his term ends in 2026, and he will likely keep receiving criticism from both Democrats and Republicans over his aggressive regulatory push against crypto.
Related: US SEC Delivers Enforcement Warning to OpenSea, Alleges NFTs are Securities
By the way, he’s now going after NFT companies after he took a loss against Ripple.
Ripple Co-Founder Backs Harris
Ripple Co-founder and Executive Chairman Chris Larsen has publicly endorsed Vice President Kamala Harris for the 2024 US presidential race, joining over eighty corporate leaders in signing a letter backing her candidacy, according to a report from CNBC. This endorsement, revealed on Friday, includes executives from companies like Yelp, Box, and Snapchat.
Given Larsen’s support for Harris and Ripple’s history of backing Democratic campaigns, it’s hardly surprising that both Larsen and Ripple’s CEO, Brad Garlinghouse, have primarily targeted Democrats in their political activities.
Meanwhile, Ripple is behind Coinbase as the largest contributor to crypto-focused super PAC Fairshake.
Source: citizen.org.
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