Ripple’s CEO Brad Garlinghouse recently expressed optimism about the future of cryptocurrency regulation following the U.S. presidential election. His comments came during Washington DC Fintech Week on October 23, 2024, where he discussed the possible changes in regulatory landscapes depending on the election results between Donald Trump and Kamala Harris.
Anticipating Regulatory Shifts
During his address, Garlinghouse emphasized that a significant shift is expected regardless of which candidate emerges victorious. He described the current administration’s approach to crypto regulation as “hostile” and noted, “I think that no matter what happens, we’re going to see a reset.” He added that he is looking forward to substantial advancements in regulatory clarity for the cryptocurrency industry.
Focus on Crypto Voters in the Election
With the election just around the corner, both Trump and Harris have targeted the crypto voting demographic. Trump has openly criticized the policies of the Biden administration and the U.S. Securities and Exchange Commission (SEC), promising to change the regulatory environment if he wins. At the Bitcoin 2024 Conference, he declared, “We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry.”
On the other hand, Kamala Harris has pledged to create balanced regulations for the digital asset sector. Although she has not provided detailed information on her regulatory plans, her campaign emphasizes that she will advocate for a fair framework to protect investors and market participants, including targeted outreach to key voter demographics like Black male voters.
Garlinghouse’s Advocacy for Pro-Crypto Initiatives
Garlinghouse is not only optimistic about regulatory changes but has also been actively supporting pro-crypto candidates in the upcoming elections. Earlier this year, Ripple contributed $25 million to the digital asset political action committee Fairshake, highlighting the company’s commitment to supporting policy initiatives that favor the crypto industry.
Recently, Garlinghouse expressed his support for John Deaton, a challenger to anti-crypto Senator Elizabeth Warren, in the Massachusetts elections. Deaton is known for his strong advocacy for the crypto community and has been a vocal critic of Warren’s stance on digital currencies. In a post on X (formerly Twitter), Garlinghouse stated, “@JohnEDeaton1 has been a relentless advocate for the XRP Army (aka XRP Family!) and the entire crypto industry. Meanwhile, his opponent, @SenWarren spreads misinformation and lies about crypto. I endorse John enthusiastically and wholeheartedly in his run for Senate.”
Looking Ahead to the Future of Crypto Regulation
As the 2024 presidential election approaches, there is uncertainty surrounding the future of cryptocurrency regulation in the U.S. The outcome of the election could significantly determine how many pro-crypto lawmakers will enter office. The crypto industry awaits the developments post-election, hoping for a more favorable regulatory environment that fosters innovation and growth.