Regardless of the result of the 2024 U.S. presidential election, Brad Garlinghouse, CEO of Ripple, has forecasted a dramatic change in the cryptocurrency sector. Garlinghouse outlined the difficulties facing the industry during the 8th Annual Washington DC Fintech Week, pointing out that the Biden administration has been particularly harsh on it due to its “hostile” stance against digital assets.
He claims that whether Donald Trump or current Vice President Kamala Harris is elected president next year, the cryptocurrency landscape is about to undergo a significant overhaul.
Despite her connections to Silicon Valley, Harris has been more reticent on the subject and has not yet taken a firm stance on cryptocurrencies, according to Garlinghouse, whereas Trump has demonstrated support for digital assets, including revealing his NFTs. “It doesn’t matter what shocks happen from here on out, we are going to see a reset, we are going to see forward movement,” Garlinghouse asserts, expressing optimism.
U.S Strict Regulatory Landscape
Garlinghouse said businesses should think about moving abroad and questioned the U.S. regulatory environment surrounding cryptocurrency. Uncertainty is one of the difficulties he listed, and the biggest obstacle is regulation by agencies like the Securities and Exchange Commission. According to him, traditional financial sector businesses are avoiding crypto-related activities as a result of this pressure.
During his address, Garlinghouse gave an example of how his 25-year partnership with Citigroup ended because of his interest in the cryptocurrency space. According to him, this calls into question the growing trend of “debanking” in this sector.
Ripple Targets XRP ETFs
In the meantime, Ripple is seeking approval for a spot XRP ETF, which would grant institutional investors access to XRP. Garlinghouse expects the SEC to approve this product soon.
According to CoinMarketCap, XRP is currently trading at $0.5285, down 0.36% over the previous day. The cryptocurrency may see an increase in institutional and retail interest if the ETF is approved. As legislative limitations continue to shape the crypto industry’s future, Garlinghouse’s comments suggest that the industry is prepared for change, irrespective of political consequences.
Conclusion
Brad Garlinghouse’s forecast of significant changes in the cryptocurrency sector, regardless of the outcome of the 2024 U.S. presidential election, underscores the industry’s challenges and resilience.
He highlights the Biden administration’s tough stance on digital assets, pointing to regulatory uncertainty as a key obstacle for crypto businesses in the U.S. This environment has prompted discussions on “debanking” and the possibility of companies moving abroad.
Despite this, Garlinghouse remains optimistic, noting potential shifts under either Trump or Harris, with Ripple’s push for an XRP ETF reflecting growing institutional interest. His remarks emphasize that the industry’s evolution is inevitable, driven by both political and regulatory factors.
Reece Conner
Reece Conner is a leading expert in the cryptocurrency industry, known for delivering cutting-edge insights and practical guidance to both newcomers and seasoned investors. With a background in finance and technology, Conner bridges the gap between complex blockchain concepts and real-world applications.