As a seasoned crypto investor with over two decades of experience navigating the ever-evolving digital asset landscape, I find myself both intrigued and cautiously optimistic about the upcoming US election and its potential impact on the cryptocurrency industry.
During the 8th Annual Washington DC Fintech Week, Ripple CEO Brad Garlinghouse predicted that the crypto industry is bound to undergo changes regardless of the outcome in the upcoming U.S. election. He further discussed the nuanced stance on cryptocurrency held by Democratic presidential candidate Kamala Harris.
According to Brad Garlinghouse, CEO of Ripple, it seems the Harris campaign is considering adjusting certain strategies that the Biden administration has taken towards the cryptocurrency sector, which they believe have had some significant flaws.
— Bloomberg Crypto (@crypto) October 23, 2024
Garlinghouse pointed out that both presidential contenders have adopted distinct stances regarding cryptocurrency matters: Trump has shown an early interest and taken a more assertive approach, even branding himself as a “crypto president.” In contrast, Kamala Harris and her team have displayed a more nuanced understanding of the topic.
In his speech, Garlinghouse portrayed Harris as a seasoned Silicon Valley figure with strong connections within technology, labeling her approach to cryptocurrency regulation as particularly beneficial. He expressed this by saying:
It’s clear that Trump took an early and forceful stance, even claiming to be the “crypto president.” On the other hand, Kamala Harris and her team have adopted a more subtle approach in their statements.
Regarding their contrasting methods, Garlinghouse maintained impartiality and underscored that both contenders possess the aptitude required to instigate the transformation the cryptocurrency sector demands. In his words:
Regardless of the outcome, it appears that there will be a shift or reboot, signifying advancement. In any case, we’ll move past an unsuccessful strategy associated with the Biden Administration.
In response to recent criticism over political contributions from its leadership, a statement was made by the head of Ripple at a crucial juncture. On Monday, it was disclosed by Chris Larsen, one of Ripple’s founders, on his personal platform that he donated $10 million in XRP to Kamala Harris’ campaign.
Criticism arose from some sectors of the cryptocurrency community regarding Larsen’s decision, with Nic Carter, a well-known venture capitalist and crypto influencer, finding it utterly puzzling that Larsen endorsed Harris. Meanwhile, another commentator within the crypto sphere expressed doubts whether the endorsement was intended as satire.
Garlinghouse openly voiced his approval for Larsen, expressing his belief that everyone is entitled to back whichever candidate they prefer. Moreover, he emphasized Ripple’s impartial stance, ruling out any intention to endorse a specific candidate. He expressed his conviction that the upcoming election would significantly impact the future of cryptocurrency.
Ripple’s choice to remain impartial might stem from their ongoing legal disputes with regulatory bodies. Nevertheless, Brad Garlinghouse, while declining to support any particular candidate, makes it apparent that the next U.S. president – whether Harris or Trump – could significantly influence the future of cryptocurrency in America.
XRP ETF Approval Inevitable, Says Ripple Chief
During the same occasion, the head of Ripple likewise brought up the idea that an XRP-based Exchange Traded Fund (ETF) is unavoidable in the future. He drew attention to the prosperity of the Bitcoin ETF, which has amassed $17 billion in a brief period.
A number of firms, such as Bitwise Asset Management, are seeking approval from the United States Securities and Exchange Commission (SEC) to establish and launch an Exchange-Traded Fund (ETF) based on Ripple’s digital token XRP.
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2024-10-24 13:10