Ripple CEO criticized the Biden administration’s hostility toward cryptocurrencies and expressed optimism for improved regulations post-election.
Regardless of the outcome of the United States election, Ripple CEO Brad Garlinghouse forecasts that the cryptocurrency sector will undergo a reset.
During his speech at the eighth annual Washington, District of Columbia Fintech Week, Garlinghouse lambasted the current government of President Joe Biden for being “hostile” against the cryptocurrency business.
Ripple CEO Predicts Crypto Shift After US Election, Criticizes Biden Administration
He noted that people anticipate a “reset” regardless of whether Donald Trump or Kamala Harris win the presidential election. In a recent visit at the Washington, DC, Fintech Week, the CEO of Ripple voiced optimism over the possibility of improved cryptocurrency rules following the election in the United States.
Regardless of the candidate’s election, Garlinghouse predicted a “reset” in the cryptocurrency market. The chief executive officer underlined that both Kamala Harris and Donald Trump, who are running for president, have taken oppositional stances regarding cryptocurrency.
According to Garlinghouse, Trump has been vocal in his support of the cryptocurrency industry, while Harris, despite hailing from Silicon Valley and typically supportive of technology, has been relatively silent on the subject. 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.”
In addition, Garlinghouse expressed his disapproval of the attitude that the Biden administration took on Bitcoin, labeling it as “introverted.”
During the same event, Ripple CEO Garlinghouse disclosed that Citibank had severed its banking relationship with him as a result of his involvement in the cryptocurrency sector.
He went on to explain that Citibank, where he had been a customer for the past quarter of a century, had only given him five days to transfer his capital.
“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
Garlinghouse established a link between his personal experience and the broader issue of “de-banking” within the cryptocurrency industry in the United States. Garlinghouse recently labeled an exchange-traded fund (ETF) for XRP as “inevitable.” Garlinghouse made this statement amidst the ongoing debate surrounding regulatory authorities.
He referenced the recent success of Bitcoin exchange-traded funds (ETFs), which drew $1.7 billion in investment in a relatively short amount of time. As a result of the increased interest in cryptocurrencies, a number of companies, including Bitwise Asset Management, have already submitted papers to the SEC in order to start an exchange-traded fund (ETF) for XRP.
Recent reports suggest that the approval of an exchange-traded fund (ETF) for XRP might ignite a wider rally in the cryptocurrency market. Bitwise’s updated filing for a Ripple ETF has fueled confidence.
Experts anticipate that this move will have a substantial impact on the price of XRP as well as the cryptocurrency industry as a whole. Ripple CEO Brad Garlinghouse expressed optimism, but the ongoing lawsuit between Ripple and the SEC remains complex.
Recently, attorney Fred Rispoli voiced his disapproval of Garlinghouse and Ripple Chairman Chris Larsen’s partial settlement with the Securities and Exchange Commission (SEC).
He stated that they had the opportunity to request the dismissal of all charges but declined.
Rispoli believes that the “aiding and abetting” charges warranted full trial proceedings. He emphasized that the SEC lacked sufficient evidence to establish reckless institutional XRP sales.
