Brad Garlinghouse, the CEO of Ripple, has shared his perspectives on how a potential shift in administration could influence the US cryptocurrency landscape.
In a conversation with Bloomberg on October 23, he stated that the Biden administration’s regulatory stance toward the crypto market is on the verge of change and regardless of the outcome of the presidential election, “we’ll have a more constructive engagement with this industry.”
Garlinghouse reaffirmed previous assertions that the chair of the SEC would soon be replaced as the primary overseer of the crypto sector.
Republicans More Favorable for Crypto
Nonetheless, he noted that there are signs the Harris campaign aims to revise some of the “very flawed approaches” undertaken by the Biden administration concerning cryptocurrency.
The tech executive expressed optimism about impending changes, asserting that the US must catch up with other nations that are leading in cryptocurrency regulation.
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
On the topic of a potential spot XRP exchange-traded fund, Garlinghouse mentioned that interest in this asset has increased, declaring that it is “inevitable” that it will be launched as an ETF. He suggested this would generate “upward pressure for the prices for many different cryptos, including XRP.”
As of the time of reporting, XRP’s trading price remained stable at $0.53, although it had declined by over 5% throughout the past week.
CEO Loses Banking Access
During the DC Fintech Week event on October 23, Garlinghouse revealed that Citigroup had “de-banked” him after 25 years and provided him with merely five days to withdraw his funds. The bank attributed this action to his notable role in the crypto sector, citing heightened regulatory scrutiny around the industry.
The government has pressured banks to reduce their engagement with cryptocurrency as part of a comprehensive initiative led by Senate Banking Committee members, including Elizabeth Warren and SEC chair Gary Gensler.
Additionally, Garlinghouse endorsed Republican John Deaton in his bid to secure a seat representing Massachusetts, challenging incumbent Warren, who has held her position since 2013.
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