Ripple CEO predicts a crypto industry reset, highlights presidential candidates’ contrasting stances, and expects the inevitable approval of an XRP ETF.
By Temitope Olatunji
Edited by Julia Sakovich
Updated
3 mins read
At the 8th Annual Washington DC Fintech Week, Ripple CEO Brad Garlinghouse said the crypto industry will change, no matter who wins the upcoming US election. He also commented on the nuanced approach to cryptocurrency taken by Democratic presidential candidate Kamala Harris.
Ripple CEO Brad Garlinghouse says there are indications the Harris campaign wants to reset "some of the very flawed approaches that the Biden administration has had with the crypto industry" https://t.co/Efl7SJNdxW pic.twitter.com/vM8AEYcSfd
— Bloomberg Crypto (@crypto) October 23, 2024
Garlinghouse stated that both presidential candidates had taken different approaches when it comes to the issue of crypto; while Trump has come out early and been more aggressive, even calling himself a crypto president, Kamala and her team have been more nuanced on the topic.
During his remarks, Garlinghouse painted Harris as a Silicon Valley insider with deep ties to the tech industry, calling her stance on crypto regulation “most constructive”. He said:
“Obviously, Trump came out early and very aggressively… and said he’s the crypto president. Kamala and Team Harris have been more nuanced.”
Despite the differences in the approach, Garlinghouse remained neutral and emphasized that both candidates have what it takes to give the crypto industry the necessary reset it needs. He said:
“I think no matter what happens, we’re going to see a reset, we’re going to see forward progress, No matter what happens, we’re going to leave behind a failed approach from the Biden Administration.”
The comment by the Ripple chief came at a moment when the company is facing lots of backlash for its leadership political contribution. On Monday, Ripple co-founder Chris Larsen revealed on his X page that he has donated $10 million worth of XRP to support Kamala’s campaign.
Larsen’s decision was heavily criticized by some within the crypto community. Nic Carter, a venture capitalist and prominent figure in crypto circles, called Larsen’s support for Harris “completely baffling”. Also, another crypto commentator questioned if the post was a satire.
Garlinghouse stood up for Larsen, saying he respects that everyone can support any candidate they want. He also made it clear that Ripple stays neutral, refusing to declare support for any candidate. He believed that the forthcoming election would be crucial to the future of cryptocurrency.
The decision by Ripple to stay neutral can be because of the company’s ongoing legal battle with the authority. However, despite refusing to endorse any of the candidates, Garlinghouse’s main point is clear: the next US president, whether it’s Harris or Trump, could make a big change for the future of cryptocurrency in the US.
Within the same event, the Ripple CEO also mentioned that an XRP exchange-traded fund (ETF) is inevitable. He cited the success of the Bitcoin ETF, which has made $17 billion within a short time.
Several companies, like Bitwise Asset Management, are trying to get permission from the US Securities and Exchange Commission (SEC) to create and start an XRP ETF.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
