Ripple CEO Brad Garlinghouse predicts a reset for the crypto industry, regardless of the US Election outcome. Speaking at the 8th Annual Washington DC Fintech Week, Garlinghouse criticized the current Biden administration as “hostile” toward the crypto industry. He noted that a “reset” is expected, regardless of a Donald Trump or Kamala Harris presidential win.
Ripple CEO Predicts Crypto Shift After US Election, Criticizes Biden Administration
In a recent appearance at the Washington DC Fintech Week, Ripple CEO expressed optimism about better crypto regulations after the US election. Garlinghouse stated that the crypto industry would experience a “reset” no matter which candidate wins.
The CEO emphasized that both presidential candidates, Kamala Harris and Donald Trump, have taken contrasting positions on crypto. Trump, according to Garlinghouse, has aggressively supported the crypto sector, while Harris, despite being from Silicon Valley and generally pro-technology, has remained relatively quiet on the topic.
Ripple CEO added,
“I think no matter what happens, we’re going to see a reset, we’re going to see forward progress and I am certainly looking forward to that.”
Additionally, Garlinghouse criticized the Biden administration’s approach to cryptocurrency, describing it as “hostile.”
During the same event, Ripple CEO Garlinghouse revealed that Citibank had severed its banking relationship with him due to his involvement in the crypto industry. He explained that Citibank, where he had been a customer for 25 years, gave him only five days to move his funds.
Garlinghouse connected his personal experience to the broader issue of “de-banking” in the U.S. crypto industry. He stated,
“Individuals within the crypto industry are being de-banked, I personally have been de-banked, they said you have five days to move your money.”
XRP ETF Approval Is Inevitable
Amid the ongoing regulatory debate, Garlinghouse recently described an XRP exchange-traded fund (ETF) as “inevitable.” He cited the recent success of Bitcoin ETFs, which attracted $17 billion in investment within a short period. Several firms, including Bitwise Asset Management, have already filed paperwork with the SEC to launch an XRP ETF, reflecting the growing crypto interests.
According to recent reports, XRP ETF approval may trigger a broader crypto market rally, with Bitwise’s revised Ripple ETF filing fueling optimism. Experts predict this move will significantly impact XRP price and the overall crypto market.
Despite Ripple CEO Brad Garlinghouse’s optimism, the ongoing Ripple vs SEC case remains complex. Recently, Lawyer Fred Rispoli criticized Garlinghouse and Ripple Chairman Chris Larsen for their partial settlement with the SEC. He argued that they missed an opportunity to seek full dismissal of all charges.
Rispoli believes they should have pursued a complete trial, particularly on the “aiding and abetting” charges. He emphasized that the SEC lacked sufficient evidence to prove recklessness in institutional XRP sales.
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