Ripple CEO predicts a reboot of the crypto industry after the US elections

Ripple CEO Brad Garlinghouse predicts a crypto industry reboot. It will come no matter who wins the presidential election.

Speaking at DC Fintech Week, Harlinghousesaid.He said that the United States is lagging behind in crypto regulation, as if moving in reverse while other countries are flying ahead. He also did not ignore the Biden administration, criticizing it for its "icy" attitude toward crypto companies.

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What Harlinghouse says about the cryptocurrency market

Pros.in words Harlinghaus, SEC Chairman Gary Gensler, appointed by Biden, has turned the life of the crypto industry into an endless series of inspections and fines. And Senator Elizabeth Warren took a "military" approach to the matter, rolling outlaw on combating money laundering with the use of digital assets from 2023 and leading a real "anti-cryptocurrency army" that never misses a chance to tarnish the industry.

As for the presidential contenders, Trump and Kamala Harris, there is more optimism here. Trump has already issued NFTs, accepted crypto donations, and even talked about bitcoin as a possible national reserve. Harris is more reserved, but promises not to hinder the development of crypto investments and work on laws for the industry if she wins.

Harlinghouse added that Ripple is not stingy with political contributions:

• In this election cycle, the company has given nearly $50 million to FairShake, a committee that supports candidates of both parties;

• On October 21, Ripple co-founder Chris Larsen donated $10 million to Harris's campaign fund, in addition to the million he sent back in August.

Harlinghouse also has no plans to "pinch" money if it has to add more.

XRP-based spot ETFs to be approved soon

Вinterview Bloomberg Garlinghouse expressed confidence that spot ETFs based on XRP will soon receive approval:

1. XRP already has a capitalization of almost $30 billion, and the appetite for such products is only growing.

2. Since the launch of spot BTC-ETFs in January of this year, $21 billion has already been poured into them. This clearly demonstrates interest from both large players and retailers.

3. Crypto funds are part of the trend towards institutional entry into digital assets.

Harlinghouse admitted that Ripple should have established contact with US regulators earlier, rather than bringing the matter to court with the SEC.

Although the court ruled last year that retail sales of XRP were not considered a violation, Ripple still received a $125 million fine for institutional sales in 2024. And last week, the SEC filed an appeal to reconsider the decision on retail sales.

The problem of "de-banking"

The uncertainty of XRP's status may call into question the launch of spot funds, as they are approved by the SEC. In such a situation, Garlinghouse suggested that crypto companies consider moving abroad, and also mentioned the ongoing problem of "debanking" - banks avoid crypto firms under pressure from the SEC.

Harlinghouse has faced this problem firsthand:

• "To be honest, the bank did not hide the reasons.tells us. He. -"They put it bluntly: You are a well-known figure in the crypto industry, which means that with you will come close regulatory attention, which we do not need."

Citi, the bank he had been a client of for 25 years, closed his accounts, giving him only 5 days to withdraw his money.

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