By
Chimamanda U. Martha
June 28th, 2024
Garlinghouse’s recent comments, as much as they seem like mere predictions, could also be a rallying call for crypto firms and investors to flock into politics.
Ripple CEO Brad Garlinghouse has made a bold claim about the role that crypto will play in the upcoming US Presidential Election. His view comes as online discussions about crypto’s increasing influence on the nation’s political space are also increasing.
Garlinghouse, a highly-revered crypto voice, recently projected that political candidates would increasingly adopt pro-crypto stances to gain voters. “Candidates will only gain votes for being pro-crypto and absolutely lose them for being anti-crypto,” he said in a recent X post.
Ripple CEO Suggests That Digital Dollar Might Be The New Political Currency
According to his statement, there will be no middle ground. So, political candidates have one of two choices to make. Embrace the crypto industry, a sector experiencing explosive growth within the U.S. – and enjoy massive support, or distance themselves from it and have it the other way round.
The Ripple CEO’s commentaries, as much as they appear as gainsaying, might hold true. They reflect a broader trend where crypto’s influence over American politics is becoming more pronounced. For context, New York journalist Erin Griffith, also shared the details of how, over the past four years, crypto-based firms and individuals linked to the same have pumped no less than $150 million into political campaigns, supporting pro-crypto regulation advocates, and removing legislators deemed hostile to digital assets.
She acknowledged that such figures might seem modest by crypto standards. However, it means so much in political circles and could potentially tip scales when it matters the most.
Prediction or Rallying Call?
Notably, Ripple is well known for its vocal support for clear regulatory frameworks. At least, the firm’s past work in this regard is well-documented. Moreover, it is also currently embroiled in a legal battle with the US Securities and Exchange Commission (SEC) over similar matters.
However, Ripple’s advocacy may now be extending into the political space. That is because Garlinghouse’s recent comments, as much as they seem like mere predictions, could also be a rallying call for crypto firms and investors to flock into politics.
As Garlinghouse put it, candidates who embrace digital assets and push for transparent regulations could find favour with the crypto community. In other words, they could find favor with big money movers. Whereas those perceived as overly hostile risk losing their voter base.
Essentially, the current state of things appears to suggest that cryptocurrency may have graduated from merely being a currency of exchange to a currency of influence in American politics.