Ripple CEO Highlights Political Divide in US Crypto Policy
Ripple CEO Brad Garlinghouse recently spoke at the Fortune 2024 BrainstormTech conference about the political divide in the United States when it comes to crypto policy. He expressed his frustration with the lack of a unified approach and highlighted the importance of crypto technology for its efficiency and loss-reduction capabilities.
Republican vs Democrat Stance on Crypto
Garlinghouse pointed out that some Republicans are supportive of cryptocurrencies while some Democrats have a more skeptical stance. He believes that this division is hindering progress in the industry and that the US risks falling behind other countries in adopting this innovative technology. He stated, “The Republicans are playing chess while the Democrats are playing checkers.”
Ripple’s Legal Battle with the SEC
Garlinghouse also discussed Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). The lawsuit, which began in December 2020, has significantly impacted Ripple’s operations and has led the company to prioritize growth outside of the United States. Despite the challenges, Ripple has experienced record-breaking years in terms of revenue and customer growth, largely due to its international expansion.
The Need for Regulatory Clarity
Garlinghouse emphasized the urgent need for regulatory clarity in the United States. He urged the SEC to take a leadership role in resolving the regulatory challenges surrounding cryptocurrencies, warning that the current approach may have negative historical consequences. He believes that the US needs to establish clear and predictable rules for the crypto industry to thrive.
Potential for a Settlement
There is a possibility that the legal dispute between Ripple and the SEC may soon be resolved. The SEC has scheduled a closed-door meeting for July 18, 2024, which could signal a settlement between the two parties.
XRP Price Performance
Despite the legal challenges, XRP’s price has been trending upwards recently. At the time of writing, XRP is trading at $0.58, up over 9% in 24 hours and recording a substantial 34% price gain in just one week.
It remains to be seen how the political landscape will evolve in the United States and what the outcome of the Ripple-SEC case will be. However, one thing is clear: the future of crypto in the United States depends on clear and consistent regulation.
