Ripple CEO Brad Garlinghouse predicts that the crypto industry will undergo a reset regardless of the outcome of the US election. Speaking at the 8th Washington DC FinTech Week, Garlinghouse criticized the current Biden administration for being “hostile” towards the cryptocurrency industry. He noted that a “reset” is expected regardless of a presidential victory for Donald Trump or Kamala Harris.
Ripple CEO predicts shift to cryptocurrencies after US election, criticizes Biden administration
in recent appearances At Washington D.C. Fintech Week, Ripple CEO expressed optimism about improving crypto regulation after the US election. Garlinghouse said the crypto industry will experience a “reset” no matter which candidate wins.
The CEO emphasized that presidential candidates Kamala Harris and Donald Trump have contrasting positions on cryptocurrencies. Garlinghouse said that while Trump has actively supported the crypto sector, Harris has remained relatively quiet on the issue, despite coming from Silicon Valley and generally being a tech supporter. That's what it means.
Ripple CEO added:
“I think whatever happens, we're going to be reset and moving forward. I'm certainly looking forward to that.”
Garlinghouse also criticized the Biden administration's approach to cryptocurrencies, calling it “adversarial.”
At the same event, Ripple CEO Garlinghouse revealed that Citibank had severed its banking relationship with him due to his involvement in the cryptocurrency industry. He explained that Citibank, which he has been a customer of for 25 years, only gave him five days to move the funds.
Garlinghouse connected his personal experience to the broader issue of “debanking” in the U.S. crypto industry. He said:
“Individuals in the crypto industry have had their bank accounts canceled, and I personally have had my bank account canceled. I was told I had 5 days to move my funds.”
Approval of XRP ETF is inevitable
As the regulatory debate continues, Garlinghouse recently called XRP exchange traded funds (ETFs) “inevitable.” He cited the recent success of Bitcoin ETFs, which attracted $17 billion in investments in a short period of time. Several companies, including Bitwise Asset Management, have already filed documents with the SEC to launch XRP ETFs, reflecting the growing interest in cryptocurrencies.
According to recent reports, Approval of XRP ETF Bitwise’s modified Ripple ETF filing increases optimism and could trigger a rally in the broader crypto market. Experts predict that this move will have a significant impact on the XRP price and the overall cryptocurrency market.
Despite Ripple CEO Brad Garlinghouse's optimism, the ongoing Ripple vs. SEC case remains complex. recently, Attorney Fred Rispoli criticizes Garlinghouse and Ripple Chairman Chris Larsen have agreed to a partial settlement with the SEC. He argued they missed the opportunity to seek a complete dismissal of all charges.
Rispoli believes a full trial should have proceeded, especially on the “aiding and abetting” charge. He emphasized that the SEC lacks sufficient evidence to prove the recklessness of institutional XRP sales.
Ronnie Mugendi
Ronnie Mugendi is a veteran crypto journalist with 4 years of professional experience and has contributed significantly to various media outlets regarding cryptocurrency trends and technology. With over 4,000 articles published in various media outlets, we aim to inform, educate and introduce more people to the world of blockchain and DeFi. Outside of his journalism career, Ronnie enjoys the thrill of riding his bike and exploring new roads and landscapes.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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