The CEO at Ripple Labs, Brad Garlinghouse, said on Bloomberg Television’s “Bloomberg The Close” that the 2024 US presidential election will likely be a turning point for regulating cryptocurrencies. He noted that the regulation should not be politicized as it is a technological advancement that can revolutionize transactions. Garlinghouse stressed the problem of the lack of clear regulation in the United States, stating that the current administration’s attitude is negative for the industry.
Brad Garlinghouse Criticizes SEC’s Crypto Enforcement Actions
Brad Garlinghouse also took SEC Chairman Gary Gensler’s position under the spotlight, where Gensler stated that almost every crypto asset is a security, which has been challenged in a court of law. He also noted that despite several court decisions against such general categorization, the SEC has not relented in its enforcement. This has intensified the tussle between the crypto industry and the regulators, raising questions about the future of the industry in the US. Garlinghouse said such a tough stance dented Ripple and the entire crypto fraternity.
Rathe mentioned that during a recent crypto round table in Washington D.C. with prominent people like Senator Gillibrand and Anita Dunn, Garlinghouse stated that there is a change in the Democratic Party. He noted that the party is aware that it is behind the Republicans in providing backing for crypto developments.
Garlinghouse spoke about the recent legal processes in which Ripple received a positive ruling that XRP is not a security. He stressed that this decision is crucial for the industry and noted the importance of having clear guidelines for regulating the industry. Ripple remains enlightened on this issue, pushing for laws that encourage innovation, not restrain it.
Brad Garlinghouse Praises International Crypto Regulations
Ripple’s CEO stated that the U.S. is not making the right move in terms of regulation as other countries, such as the UK, Japan, Singapore, and the EU, have come up with proper laws regarding cryptocurrencies. He noted that these countries have set better definitions, thus enthralling the entrepreneurs and capitals that look for certainty and a positive attitude towards cryptos. The requirement of certainty in the USA makes the companies move to jurisdictions with clear legislation favorable to Crypto technologies.
However, Garlinghouse pointed out some achievements in legislation within the United States, including the House passing of the FIT21 Act and the Senate’s consideration, as positive indicators. Lawmakers such as JD Vance support introducing friendly laws for cryptocurrencies, so they may soon initiate proper legislation.
The White House, along with other independent agencies such as the Federal Reserve and the Treasury, is against the growth of crypto. These agencies add to the existing environmental factors, making it difficult for crypto companies. This just goes to show that the government is still reluctant to engage with crypto, even with its numerous positive impacts.
Ripple Awaits Key Ruling on SEC Case
Towards the last part of the discussion, Garlinghouse brought up Ripple’s current position regarding the SEC and the possibilities of settling. He pointed out a pending decision concerning Ripple’s sale of investment contracts to institutions. He hoped the judge would rule in their favor but acknowledged that predicting the timing of the ruling was difficult.
To sum up, Garlinghouse’s remarks stress how the outcomes of the 2024 presidential election are likely to affect the development of cryptocurrency regulation in the United States: the industry awaits changes that will enable it to thrive and unlock its potential.
