Gensler’s ‘Terror’ on Crypto Ending Soon: Ripple CEO Weighs In

Brad Garlinghouse, the CEO of Ripple, has commented on how a shift in administration might impact the US cryptocurrency landscape.

During an interview with Bloomberg on October 23, he expressed that Joe Biden’s regulatory stance on the crypto industry is nearing its conclusion, and regardless of the presidential election outcome, “we’ll experience a more constructive engagement with this sector.”

Garlinghouse reaffirmed his belief that the SEC chair will soon be replaced as the leading authority on cryptocurrency regulation.

“Gary Gensler’s dominance over the crypto sector is set to conclude very shortly.”

Republicans Favorable For Crypto

When asked which presidential candidate, Kamala Harris or Donald Trump, would be more beneficial for crypto and Ripple, he responded:

“I maintain a neutral stance, but it’s evident that Republicans have generally been more proactive in advocating for clear regulations within this industry.”

Nonetheless, he also mentioned that there have been signs suggesting the Harris campaign aims to revise some of the “poor strategies” from the Biden administration concerning the crypto sector.

The technology entrepreneur expressed optimism about impending changes, asserting that the US needs to align itself better with other nations that are leading in crypto regulatory frameworks.

Ripple CEO Brad Garlinghouse notes there are signs the Harris campaign seeks to reset “some of the very flawed approaches that the Biden administration has had with the crypto industry” https://t.co/Efl7SJNdxW pic.twitter.com/vM8AEYcSfd

— Bloomberg Crypto (@crypto) October 23, 2024

On the subject of a potential spot XRP exchange-traded fund, he indicated that interest in the asset has increased, asserting that it is “inevitable” that it will be launched as an ETF. He added that this would create “upward pressure on the prices of various cryptocurrencies, including XRP.”

As of the time of this writing, XRP prices remained steady at $0.53, having experienced a decline of over 5% in the past week.

CEO De-bank Saga

At the DC Fintech Week event on October 23, Garlinghouse revealed he was “de-banked” by Citigroup after 25 years as a client, being given a mere five days to withdraw his funds. The bank attributed this decision to his significant role in crypto, citing the heightened regulatory scrutiny faced by the industry.

The government has pressured banks to restrict their interactions with the crypto sector as part of a broader campaign led by Senate Banking Committee members like Elizabeth Warren and SEC chair Gary Gensler.

Garlinghouse also voiced his support for Republican John Deaton in his campaign to represent Massachusetts and unseat the incumbent Warren, who has held her position since 2013.