 ▲ Gary Gensler / Source: Twitter |
Gary Gensler, the former chair of the U.S. Securities and Exchange Commission (SEC) who led an intense legal battle with the cryptocurrency industry, has reportedly offered a personal apology to Ripple in a surprising revelation.
According to crypto-focused outlet U.Today on February 28 (local time), Ripple CEO Brad Garlinghouse said he received a direct apology from former Chair Gensler during a recent high-level White House briefing on digital asset policy. Recalling the occasion as “a somewhat strange encounter,” Garlinghouse expressed surprise at the sudden shift in tone from the Commission, which had pressured the crypto industry for years. Gensler, who stepped down as chair in early 2025, reportedly approached Garlinghouse at the end of the meeting and briefly said, “I’m sorry.”
During his tenure, Gensler consistently pursued a “regulation by enforcement” strategy, maintaining a hardline stance that nearly all digital assets could qualify as securities. He frequently likened the crypto market to the “Wild West” rife with fraud and illegality, wielding strong regulatory measures that fueled deep conflict with the industry. In response, Garlinghouse sharply criticized Gensler, calling him a “political liability” and a “dictator.” After a prolonged legal battle, Ripple secured a landmark ruling in 2023 that XRP itself is not a security, gaining the upper hand.
The lengthy legal dispute between Ripple and the SEC formally concluded in early 2025 when the Commission dropped its appeal. This cleared Ripple of legal uncertainty and laid the groundwork for business expansion. Notably, the lawsuit against Ripple was originally filed by Gensler’s predecessor, former Chair Jay Clayton. Although Gensler inherited and aggressively pursued the case, it ultimately ended with an apology.
News of the apology is sending ripples through the cryptocurrency market, which has long faced regulatory pressure. While Gensler has not issued an official statement regarding the remarks, many interpret the personal apology to an industry leader as tacit acknowledgment of flaws in past regulatory approaches. The meeting’s timing—amid apparent policy shifts under the Trump administration—has also drawn attention.
With the legal battle fully resolved, Ripple is accelerating new ventures, including the issuance of its stablecoin RLUSD, to strengthen its market position. Gensler’s apology symbolizes not only the end of an era but also a potential transition toward clearer guidelines and coexistence in the cryptocurrency regulatory environment. Market participants are hopeful that the changing stance of regulators will have a positive impact on other crypto projects going forward.
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