Brad Garlinghouse, the CEO of Ripple Labs, is feeling positive about the future of cryptocurrency in the United States post-election, regardless of which political party emerges victorious. He expressed his optimism during DC Fintech Week, stating that he believes the country will have a more crypto-friendly and innovation-focused Congress than ever before.
Despite his optimism, Garlinghouse advised startups to consider incorporating outside the US, as approximately 95% of Ripple’s business now occurs internationally. Ripple itself has been under scrutiny by the US Securities and Exchange Commission (SEC) for allegedly offering unregistered securities through its XRP token. While a partial summary judgment in July 2023 ruled in favor of Ripple in certain aspects, both the SEC and Ripple have filed appeals.
Garlinghouse views the current regulatory environment for cryptocurrency in the US as a temporary “speed bump” and remains confident in the industry’s long-term growth potential. He highlighted the openness of both political parties to crypto and noted that former President Donald Trump and Vice President Kamala Harris have shown varying degrees of support for the industry.
While Garlinghouse has not officially endorsed a presidential candidate, he praised Harris for her background in Silicon Valley and her recent constructive statements on technology. He also endorsed attorney John Deaton, who is challenging Senator Elizabeth Warren, a known critic of the crypto industry. Additionally, Ripple has made significant contributions to pro-crypto political action committees, further demonstrating its commitment to advancing the industry.
Looking ahead, Garlinghouse believes that regardless of the election outcome, there will be a political “reset” that will benefit the crypto industry. He criticized the current Biden administration for its hostile stance towards crypto businesses but remains hopeful for positive changes in the future. Despite the challenges faced by Ripple and other crypto firms, Garlinghouse remains confident in the industry’s resilience and potential for growth in the coming years.