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Ripple CEO Brad Garlinghouse has expressed readiness to work with the new U.S. government to promote the adoption of digital assets ahead of the 2024 elections. Despite ongoing legal battles with the SEC and volatility in XRP’s price, Garlinghouse remains optimistic about the future of the crypto sector.
Ripple’s Position on the U.S. Elections
As the U.S. elections approach in November, Garlinghouse and Ripple’s leadership are signaling their willingness to collaborate with the upcoming administration. Speaking at DC Fintech Week, Garlinghouse emphasized the importance of overcoming certain regulatory hurdles to take the crypto industry to the next level. He also highlighted the need for a more collaborative approach between regulators and the web3 ecosystem.
Garlinghouse also revealed a personal experience of being dropped as a customer by Citigroup after 25 years due to his association with cryptocurrencies. “They gave us five days to move our money. Being recognized in the crypto world clearly invites more regulatory scrutiny in the banking sector,” he said.
The Impact of U.S. Leadership on Crypto Regulation
Garlinghouse criticized the stance of the Biden administration and SEC Chair Gary Gensler on the crypto market but expressed confidence that the industry would continue to grow despite regulatory pressures. He noted that the upcoming U.S. presidential election would have significant implications for the crypto sector, depending on who is appointed to key positions such as the SEC Chair, Treasury Secretary, and heads of the OCC and CFTC.
Current candidates Kamala Harris and Donald Trump have made frequent statements about cryptocurrencies. However, many in the industry believe these statements are political moves aimed at securing votes. While Trump has vowed to replace Gensler, experts note that doing so would not be an easy task.
Ripple’s Neutral Stance in the Presidential Race
Ripple continues to contribute to political campaigns but remains neutral in the presidential race. However, Ripple’s co-founder Chris Larsen donated $10 million to Kamala Harris’s campaign, drawing attention given the ongoing legal battles around XRP. On the other hand, prominent figures like Brian Armstrong, Coinbase’s CEO, have supported Republican candidates, indicating that crypto industry leaders are not aligned with one particular party or candidate.
Ripple vs. SEC: XRP Under Pressure
Ripple’s ongoing legal battle with the SEC continues to weigh on XRP’s price. According to technical analysis, XRP needs to maintain the $0.50 to $0.52 range in the coming weeks to avoid dropping to $0.40. As the U.S. elections approach and new regulations are anticipated, the crypto industry faces a critical turning point. Ripple and other leaders have expressed their commitment to working with the new administration to ensure supportive regulatory changes.
