Ripple CEO Brad Garlinghouse recently voiced his expectations for a significant shift in the cryptocurrency landscape, regardless of who emerges victorious in the upcoming U.S. presidential election. Speaking at the 8th Annual Washington DC Fintech Week, Garlinghouse expressed his optimism for improved crypto regulations post-election while criticizing the current Biden administration’s stance as “hostile” toward the crypto industry.
A Call For Change In Crypto Regulations
During his address, Garlinghouse underscored the need for a “reset” in the industry, pointing out the contrasting attitudes of the two major presidential candidates. Former President Donald Trump has taken a notably pro-crypto stance, promoting the sector aggressively, while Vice President Kamala Harris, despite her Silicon Valley ties, has remained relatively silent on cryptocurrency matters.
Garlinghouse believes that a new administration, regardless of its political leaning, could provide the impetus needed for more favorable regulatory frameworks. “We need clarity, we need support,” he said, indicating that the future of crypto in the U.S. hinges on the willingness of leadership to engage with the sector rather than ostracize it.
Personal Experiences Highlight Industry Challenges
Garlinghouse’s insights were further underscored by his personal experiences with banking. He revealed that Citibank had severed its banking relationship with him after 25 years, citing his involvement in the crypto industry. He recounted the swift move to transfer his funds within just five days, illustrating the broader issue of “de-banking” faced by many in the crypto space.
“This is not just my story; it reflects a larger trend of de-banking that many individuals in the crypto industry are facing,” Garlinghouse stated. His experience serves as a poignant reminder of the challenges crypto enthusiasts face when navigating traditional financial systems.
XRP ETF Approval on the Horizon?
Despite the ongoing challenges, Garlinghouse remains optimistic about the potential for an XRP exchange-traded fund (ETF). He described the approval of such a fund as “inevitable,” especially in light of the recent success of Bitcoin ETFs that attracted an astounding $17 billion in investments shortly after their launch. Several firms, including Bitwise Asset Management, have already submitted paperwork to the SEC for XRP ETF approvals, indicating a growing interest in the crypto market.
Experts believe that the approval of an XRP ETF could trigger a significant rally in the broader cryptocurrency market. With Bitwise’s recent filing, there’s a sense of optimism that a successful launch could substantially influence XRP’s price and market dynamics.
However, not all is smooth sailing for Ripple. The ongoing legal battle with the SEC presents a complex landscape. Recently, attorney Fred Rispoli criticized Garlinghouse and Ripple Chairman Chris Larsen for opting for a partial settlement with the SEC. Rispoli argued that the duo missed a crucial opportunity to pursue a full dismissal of all charges, particularly the controversial “aiding and abetting” allegations.
He contended that the SEC lacks adequate evidence to prove recklessness in the institutional sale of XRP, suggesting that a complete trial might have better served Ripple’s interests. The legal complexities surrounding Ripple and the SEC continue to loom over the company as it seeks to navigate regulatory waters.
Also Read: Deadline Drama – Ripple Faces 14-Day Countdown To Avoid Legal Setback
As the U.S. election approaches, the cryptocurrency community is watching closely. With Garlinghouse’s predictions and the shifting political landscape, the potential for a regulatory reset could reshape the industry in significant ways. Whether it leads to enhanced support or continued challenges remains to be seen, but one thing is clear: the future of cryptocurrency in the U.S. is at a pivotal crossroads.
Garlinghouse’s remarks serve as a clarion call for the industry to rally for better regulations, ensuring that crypto can thrive in a supportive environment, no matter the election outcome. As the dynamics unfold, the market will be eager to see how these developments impact the trajectory of cryptocurrencies like XRP.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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