- U.S. regulations have significantly impacted the cryptocurrency market in recent years.
- Ripple and its CEO Brad Garlinghouse have been fighting the SEC to prevent XRP from being labeled a security.
- As the 2024 Presidential Election approaches, crypto has become more popular among voters.
The cryptocurrency market has in the last couple of years been more affected by U.S. regulations than it ever has in its existence. Be it SEC rulings that try to classify altcoins as security, or regulatory frameworks to try and prevent another FTX debacle from happening in the country, cryptocurrencies as we know have had to adapt to a more regulated environment, which has oftentimes impacted their growth.
In many cases, many consider that this part of this regulatory push by the Government has been exaggerated. Often associated with Gary Gensler’s SEC since the Chairman took office, several crypto firms have tried to fight the commission in court requesting a more transparent approach to cryptocurrency regulation.
Ripple and its CEO Brad Garlinghouse are known for representing this movement of fighting back against the SEC. Over the last 4 years, the crypto firm has been entangled in a legal battle with the Securities and Exchange Commission in order to try and keep XRP from not being labeled a security.
However, an interesting shift has happened recently. As the United States heads to the 2024 Presidential Election, one thing that is made clear during both party’s campaigns is that crypto is now more popular than ever among voters.
During a recent appearance at CNBC DC Fintech Week – Garlinghouse spoke on the subject and shared his view that no matter who wins the upcoming election, the government is bound to become more crypto-friendly in 2025.
Garlinghouse emphasized the importance of the upcoming election, calling it “the most important election” since he entered the crypto space. He believes that regardless of the outcome, Congress will become more pro-crypto and pro-innovation, leaving behind what he described as a “failed approach” from the Biden Administration.
Is Ripple Supporting Kamala Harris?
Ripple in itself is not publicly supporting the Democrat – however, the company’s co-founder Chris Larsen made news recently for donating over $11 million to Kamala Harris’ campaign and to PACs supporting the current vice president.
As for Garlinghouse – he hasn’t openly supported any candidate so far. He has good things to say about both. Garlinghouse praised Kamala Harris for her balanced approach to digital assets and her support for federal crypto regulations. He also mentioned her connections in Silicon Valley, which could help the crypto industry. On the other hand, he acknowledged Trump’s strong pro-crypto stance.
