Brad Garlinghouse, CEO of Ripple, has predicted a significant shift in the cryptocurrency industry, regardless of the outcome of the 2024 U.S. presidential election. At the 8th Annual Washington DC Fintech Week, Garlinghouse highlighted the challenges currently facing the sector, particularly under the Biden administration, which he criticized for its “hostile” approach towards digital assets. According to him, the crypto industry is on the verge of a major reset, regardless of whether Donald Trump or current Vice President Kamala Harris takes office next year.
Garlinghouse noted that while Trump has shown support for digital assets, even releasing his NFTs, Harris has been more reserved on the issue despite her ties to Silicon Valley and has yet to take a clear position on cryptocurrency. However, Garlinghouse is optimistic, saying, “It doesn’t matter what shocks happen from here on out, we are going to see a reset, we are going to see forward movement.”
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Concerns Over U.S. Regulatory Landscape
Garlinghouse also questioned the U.S. regulatory framework for cryptocurrencies and said companies should consider relocating to other countries. Among the challenges he enumerated, uncertainty and the most severe barrier come from regulation by organizations such as the Securities and Exchange Commission or SEC. He said that because of this pressure, conventional organizations in the financial sector are shunning crypto-related operations.
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In his speech, Garlinghouse shared an example of how Citigroup, which he used for 25 years, terminated the cooperation due to his interest in the cryptocurrency domain. He said this raises the question of so-called “debanking” which is rising in this industry.
Ripple Eyes Spot XRP ETF Approval
Meanwhile, Ripple is working to get clearance for a spot XRP Exchange-Traded Fund (ETF), which would provide ordinary investors access to XRP, the seventh-largest cryptocurrency by market capitalization. Garlinghouse expects that the SEC will likely approve this product soon.
Currently, XRP is trading at $0.5285, with a slight decrease of 0.36% over the past 24 hours, according to CoinMarketCap. Approval of the ETF could bring more institutional and retail interest to the cryptocurrency. In conclusion, Garlinghouse’s remarks indicate that the crypto sector is ready for change, regardless of political outcomes, as regulatory constraints continue to influence its future.
Also Read: XRP Ledger Sees Surge in Activity Amid Ripple’s SEC Legal Battle
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.