Ripple CEO Garlinghouse Assures Crypto’s Win in Elections and XRP Lawsuit

by

As a researcher with a background in the crypto industry, I believe that the recent developments in the US elections and the lobbying efforts of key players like Ripple CEO Brad Garlinghouse and other executives are signs of a significant shift in the regulatory landscape for cryptocurrencies. The involvement of crypto companies and investors in political campaigns and the drafting of pro-crypto bills is an indication that the industry is maturing and gaining more influence in shaping policies.

As a researcher studying the crypto industry, I’m excited to report that Brad Garlinghouse, CEO of Ripple, expresses strong confidence in the sector’s impact on this year’s US elections. For the first time in American history, he believes that crypto voters will play a significant role in the election outcomes. This assertion arises as industry executives advocate for pro-crypto legislation and Garlinghouse himself celebrates Ripple’s recent victory against the SEC in their high-profile lawsuit.

Additionally, numerous cryptocurrency advocates and legal professionals admit to having played significant roles in shaping the FIT21 digital asset legislation. Sheila Warren, CEO of the Crypto Council for Innovation, disclosed this week that her organization contributed to crafting certain provisions “about a year-and-a-half, or two years ago.”

Ripple CEO and Other Executives Lobby for Pro-Crypto Regulations

As a crypto investor, I’ve been closely following the developments in the regulatory landscape for digital assets. Recently, Brad Garlinghouse, the CEO of Ripple, and Kristin Smith, the head of the Blockchain Association, unveiled an extensive lobbying effort to advocate for favorable cryptocurrency regulations this election year. The pinnacle of this campaign was reached last week when a bill endorsed by our industry was passed in the U.S. House of Representatives.

Brad Garlinghouse once more urged Democrats to discard Elizabeth Warren’s “anti-cryptocurrency faction” language and adopt a unified, bipartisan approach to fostering technological advancements within the US.

Democrats, consider dropping Elizabeth Warren’s anti-crypto stance and collaborate with Republicans on crypto innovation. This issue shouldn’t be politicized.

Garlinghouse made remarks several weeks ago, expressing his belief that the SEC would ultimately lose the Ripple vs. SEC legal battle in the long term, despite potential appeals and other arguments. He accused the SEC of attempting to settle the lawsuit to construct an unfavorable image of Ripple as a wayward actor.

Crypto Elections in the United States?

Over the last four years, crypto businesses and their investors have strategically channeled approximately $149 million towards advocating for favorable cryptocurrency regulations. Notably, they have backed the efforts of industry heavyweights like Coinbase and Ripple, while also supporting new congressional allies and thwarting potential adversaries in the legislative process.

Coinbase, Ripple, and organizations such as the Blockchain Association and the Crypto Council for Innovation collaborated with House Republicans in developing the legislative strategy. As a result, the House approved the FIT21 bill, transferring some cryptocurrency regulation from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC).

Brad Garlinghouse expressed that the political clout of the cryptocurrency sector has grown significantly to offer a balanced viewpoint on the industry’s beneficial aspects. Notable Democrats, including Ro Khanna, Kirsten Gillibrand, and Richie Torres, have received substantial campaign contributions from the crypto industry.

Judge Torres Ruling in FIT21

As a researcher studying the recent developments in cryptocurrency legislation, I’ve come across an interesting finding: CoinGape previously reported that a particular provision in the crypto bill shares similarities with the ruling made by Judge Torres regarding XRP not being classified as a security in itself. Specifically, this bill excludes investment contract assets from being defined as securities.

When a digital asset is traded or moved with the intention of an investment contract, it does not transform into a security simply due to that transaction.

I’ve analyzed the market data and found that the price of XRP dropped by 2% within the last 24 hours, currently sitting at a value of $0.528. The lowest point in this period was $0.521, while the highest reached $0.539. Notably, there has been an uptick in trading activity, resulting in a significant 25% increase in volume over the same timeframe.

Read More

2024-05-28 19:52