As a seasoned crypto investor with over two decades of banking experience under my belt at institutions like Citibank, I find the recent statements by Ripple CEO Brad Garlinghouse both enlightening and disheartening. Enlightening, because his optimism about better regulations post-election aligns with my own hopes for a more favorable landscape in the crypto industry. Disheartening, because as Garlinghouse himself experienced, even long-term banking customers like us are not immune to the “de-banking” trend that’s sweeping through the U.S. crypto sector.
Brad Garlinghouse, CEO of Ripple, anticipates a transformation in the cryptocurrency sector, irrespective of the results from the U.S. Election. In his address at the 8th Annual Washington DC Fintech Week, he expressed concern over the current administration’s stance towards crypto, labeling it as “unfriendly.” He emphasized that this shift or “reset” is expected whether a Donald Trump or Kamala Harris takes office as President.
Ripple CEO Predicts Crypto Shift After US Election, Criticizes Biden Administration
In a recent appearance at the Washington DC Fintech Week, Ripple CEO expressed optimism about better crypto regulations after the US election. Garlinghouse stated that the crypto industry would experience a “reset” no matter which candidate wins.
The CEO emphasized that both presidential candidates, Kamala Harris and Donald Trump, have taken contrasting positions on crypto. Trump, according to Garlinghouse, has aggressively supported the crypto sector, while Harris, despite being from Silicon Valley and generally pro-technology, has remained relatively quiet on the topic.
Ripple CEO added,
Regardless of the outcome, it seems we’re on the verge of a transformation. I’m excited about the prospect of moving forward and witnessing this positive change.
Moreover, Garlinghouse voiced his disapproval towards the Biden administration’s strategy on cryptocurrency, labeling it as “unfriendly.
At the same gathering, Ripple’s CEO, Garlinghouse, disclosed that Citibank had ended its banking ties with him on account of his activities in the cryptocurrency sector. He clarified that despite being a customer of Citibank for 25 years, they allowed him just five days to transfer his funds.
In a relevant context, Garlinghouse tied his own experiences to the wider problem of “deregulation” in the American cryptocurrency sector. Specifically, he expressed this viewpoint.
People involved in cryptocurrency are facing account closures. In my case, I’ve been affected too; they notified me that I have five business days to transfer my funds out.
XRP ETF Approval Is Inevitable
In the midst of ongoing regulatory discussions surrounding digital currencies, I firmly believe that an XRP exchange-traded fund (ETF) is not just possible, but inevitable. The recent surge in popularity and success of Bitcoin ETFs, which garnered a staggering $17 billion in investments within a brief span, serves as a compelling precedent. Notably, several firms like Bitwise Asset Management have already submitted their proposals to the Securities and Exchange Commission (SEC) for an XRP-based ETF, signaling a burgeoning interest in cryptocurrencies.
As a cryptocurrency investor, I’ve been keeping a close eye on the latest developments, and the recent buzz about potential approval for an XRP-focused ETF has me quite excited. The updated filing by Bitwise for a Ripple ETF is stirring up optimism in the crypto community, suggesting that such an approval could ignite a broader market rally. Experts believe this move will not only significantly boost the price of XRP but also have a substantial impact on the entire crypto market.
Regardless of Brad Garlinghouse’s optimism, the intricate Ripple vs SEC legal battle persists, with recent criticism from lawyer Fred Rispoli towards Garlinghouse and Ripple Chairman Chris Larsen over their partial settlement with the SEC. Rispoli contends that they overlooked a chance to request a complete dismissal of all charges instead.
Rispoli believes they should have pursued a complete trial, particularly on the “aiding and abetting” charges. He emphasized that the SEC lacked sufficient evidence to prove recklessness in institutional XRP sales.
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2024-10-24 05:00