Ripple Labs CEO Brad Garlinghouse recently expressed optimism about the future of cryptocurrency regulation in the United States, expecting a more favorable environment post-election. In a CNBC interview, Garlinghouse suggested that, regardless of the election’s outcome, the U.S. Congress would likely adopt a more pro-crypto stance, embracing innovation within the industry. The Ripple CEO emphasized the importance of the upcoming election for the cryptocurrency sector, underscoring its potential impact on digital asset regulation.
“This is the most important election we’ve had, but I also believe no matter what happens, we’re going to have a more pro-crypto, more pro-innovation Congress than we’ve ever had,” Ripple’s Head stated. He highlighted that cryptocurrency, largely absent from the 2012 and 2016 elections, now holds a significant place in the 2024 electoral dialogue.
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In the current race, candidates Kamala Harris and Donald Trump have taken notably different positions on cryptocurrency policy. Trump has positioned himself as a staunch advocate, calling himself the “crypto president” and promising to support the digital asset industry. Conversely, Harris has expressed a more cautious but constructive stance, with her team releasing statements considered some of the most detailed yet on crypto regulation.
A New Direction for U.S. Crypto Regulation
The Ripple CEO also pointed to a notable shift within the regulatory environment. Since the Biden administration took office, several federal bodies, including the Securities and Exchange Commission (SEC), the Treasury Department, and the Office of the Comptroller of the Currency (OCC), have taken a strict approach toward digital assets. The SEC, led by Chair Gary Gensler, has engaged in several high-profile enforcement actions, creating tension within the crypto industry. Garlinghouse believes that under new leadership, the U.S. government would pursue a regulatory strategy that better accommodates crypto innovation.
“No matter what happens, we’re going to leave behind a failed approach from the Biden administration,” Garlinghouse remarked. “It has been an attack, and it isn’t just the SEC. The [Office of the Comptroller of the Currency] is hostile towards crypto; the Treasury is hostile towards crypto.”
Trump’s Pro-Crypto Stance and Potential Market Impact
The Ripple CEO also noted the Republican candidate’s vocal support for digital assets, calling himself a “crypto president” and suggesting he would appoint like-minded individuals to his administration. Among his promises, Trump has mentioned the potential involvement of high-profile figures like Elon Musk in his administration if elected. Musk, a well-known crypto supporter and CEO of Tesla, has a significant following among cryptocurrency enthusiasts, adding weight to Trump’s pro-crypto message.
Market analysts speculate that Trump’s win could trigger a market-wide crypto rally. His direct support of the industry and willingness to position himself as a pro-crypto leader contrasts sharply with the more tempered approach of the current administration and the SEC’s regulatory tactics. With the election rapidly approaching, industry experts anticipate increased volatility as investors respond to evolving candidate platforms and policy proposals.
Anticipated “Reset” in Crypto Policy
Garlinghouse, while refraining from endorsing any specific candidate, expressed confidence that the upcoming election would mark a turning point for the digital asset sector. “No matter what happens in this next election, we will have a reset,” he commented, acknowledging a broad consensus within the industry for positive change. The Ripple CEO further noted that this shift, regardless of its scale, would bring fresh momentum to the ongoing policy debate surrounding digital assets and crypto innovation.
