In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse shared his insights on the regulatory landscape for cryptocurrencies in the U.S., particularly in light of the upcoming presidential election.
Speaking to the current state of crypto regulation under the Biden administration, Garlinghouse expressed optimism that the industry may see significant changes, regardless of who takes office in 2025.
Garlinghouse was critical of the existing approach, calling for more clarity and constructive engagement from federal regulators. He pointed to the administration’s handling of the crypto industry, suggesting that its approach has stifled innovation and placed the U.S. behind other countries in providing clear regulatory frameworks.
“I think there’s one thing I feel very confident about,” Garlinghouse said. “The Biden administration’s approach to regulation of the crypto industry is coming to an end for sure.”
Is the Crypto Industry About to Change
According to Garlinghouse, the crypto industry is at a pivotal moment where change is necessary for future growth. He specifically mentioned Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), as a key figure whose leadership has been marked by stringent enforcement actions.
Garlinghouse referred to this period as Gensler’s “reign of terror on the crypto industry,” noting that it may soon come to a close. Gensler has been hostile toward crypto companies, filing multiple lawsuits and disgracing the SEC on multiple occasions through losses in the courts.
Many prominent voices have called out Gensler for these practices, including U.S. House Majority Whip Tom Emmer, who called Gensler lawless.
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What’s Next for the Crypto Market?
When asked if Trump or Harris would be the better candidate for Ripple and the crypto market, Garlinghouse remarked that while Republicans have been more proactive in pushing for clear rules, there are signs that Democrats, particularly within Kamala Harris’ campaign, may be willing to take a fresh look at the industry.
Both parties have shown support for the crypto market, with Donald Trump showing significantly more support and accepting cryptocurrency donations. However, many prominent community figures are convinced that Harris can bring a change, and provide clear regulations for trading in the U.S.
Garlinghouse stated, “I think you’ve seen indications that the Harris campaign wants to reset some of the very flawed approaches that the Biden administration has had with the crypto industry.”
Garlinghouse’s remarks reflect his dissatisfaction with the current regulatory framework. However, he is confident that a new administration will bring notable change and set the market path to new heights.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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