Gary Gensler’s Crypto ‘Reign of Terror’ Ends Soon: Ripple CEO

Ripple CEO Brad Garlinghouse has spoken out about the impacts of a change in administration on the US crypto industry.

In an interview with Bloomberg on October 23, he said that Joe Biden’s approach to regulating the crypto industry is winding down, and that whatever happens in the presidential election, “we will have a more constructive engagement with this industry.”

Garlinghouse reiterated comments that the SEC chairwoman would soon be dethroned as the government’s chief crypto cop.

“Gary Gensler’s reign of terror in the crypto industry will end very soon”.

Republicans are better for crypto

When asked which presidential candidate, Kamala Harris or Donald Trump, would be better for crypto and Ripple, he said:

“I’ve taken a neutral view, but it’s clear to the crypto industry that Republicans at the macro level have been more proactive in saying ‘this is an industry that needs clear regulation.’

However, he also said that there have been signs that the Harris campaign wants to restore some of the “very flawed approaches” that the Biden administration has taken to the crypto industry.

The tech entrepreneur was confident that change was coming, saying the United States needs to catch up with other countries leading the way in crypto regulations.

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

— Bloomberg Crypto (@crypto) October 23, 2024

As for a possible spot XRP trading fund, he said interest in the asset has grown, adding that it is “inevitable” that it will be offered as an ETF. This would create “upward pressure for the prices of many different cryptos, including XRP,” he added.

XRP prices were flat on the day, trading at $0.53 at the time of writing, after losing more than 5% over the past week.

CEO De-banked

Speaking at the DC Fintech Week event on Oct. 23, Garlinghouse said Citigroup “went out of business” after 25 years and was given five days to move its money. The bank cited its prominence in crypto as a reason, citing greater regulatory scrutiny of the industry, it said.

The government has pressured banks to limit their involvement with the crypto industry as part of its ongoing war led by members of the Senate Banking Committee such as Elizabeth Warren and SEC Chairman Gary Gensler.

Garlinghouse also endorsed Republican John Deaton in his campaign to win a seat representing Massachusetts and unseat incumbent Warren, who has held the seat since 2013.

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