The Ripple CEO expressed optimism for improved regulations following the election and criticized the Biden administration’s hostility towards cryptocurrencies.
Ripple CEO Brad Garlinghouse anticipates that the cryptocurrency sector will endure a reset, irrespective of the results of the United States election.
Garlinghouse criticized the current government of President Joe Biden for being “hostile” to the cryptocurrency business during his speech at the eighth annual Washington, District of Columbia Fintech Week.
He observed that individuals anticipate a “reset” regardless of whether Donald Trump or Kamala Harris prevail in the presidential election. The CEO of Ripple expressed optimism regarding the potential for enhanced cryptocurrency regulations in the wake of the United States’ election during a recent visit to the Washington, DC, Fintech Week.
Garlinghouse anticipated a “reset” in the cryptocurrency market, irrespective of the candidate’s election. The chief executive officer emphasized that both Kamala Harris and Donald Trump, who are currently vying for president, have adopted opposing perspectives on cryptocurrency.
Harris, who is typically supportive of technology and is from Silicon Valley, has been relatively mute on the subject, while Trump has been vocal in his support of the cryptocurrency industry, according to Garlinghouse.
In addition, Garlinghouse expressed his disapproval of the Biden administration’s stance on Bitcoin, characterizing it as “introverted.”
He continued to elaborate that Citibank, where he had been a customer for the past twenty-five years, had only provided him with five days to relocate his capital.
“Individuals in the crypto industry are being de-banked. I have personally experienced this phenomenon; they have instructed me to relocate my funds within the next five days.”
Garlinghouse drew a connection between his personal experience and the more general issue of “de-banking” in the cryptocurrency industry in the United States. Garlinghouse has recently designated an exchange-traded fund (ETF) for XRP as “inevitable.” In the context of the ongoing discourse regarding regulatory authorities, Garlinghouse issued this claim.
He cited the recent success of Bitcoin exchange-traded funds (ETFs), which attracted $1.7 billion in investment in a relatively brief period. A number of companies, such as Bitwise Asset Management, have already submitted documents to the SEC in order to establish an exchange-traded fund (ETF) for XRP in response to the heightened interest in cryptocurrencies.
According to recent reports, the approval of an exchange-traded fund (ETF) for XRP has the potential to trigger a more extensive cryptocurrency market rally. Bitwise’s revised application for a Ripple ETF has instilled optimism.
Experts predict that this action will significantly influence the cryptocurrency industry and the price of XRP. Brad Garlinghouse, the CEO of Ripple, expressed optimism; however, the ongoing litigation between Ripple and the SEC remains intricate.
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