Ripple CEO Brad Garlinghouse called Kamala Harris’ approach to crypto ‘nuanced,’ contrasting it to Trump’s ‘aggressive’ pro-crypto stance.
Given Ripple’s ongoing hurdles with the SEC, it appears that Garlinghouse is trying to secure the Democrats’ support.
Garlinghouse added his company made a mistake by not engaging with the SEC earlier. Regardless of whether his regret is genuine, it may be a step toward reconciliation.
Will Ripple’s new strategy of cooperation with regulators pay off? Only time will tell.
During his stage appearance at DC Fintech Week, Garlinghouse walked a thin line trying to establish Ripple’s neutral political status.
We can’t blame him for that – regulators have been pursuing Ripple for years. Even after the Court ruled $XRP to be a non-security, the SEC continued to attack the company with appeals. Whoever wins the election, now is the perfect time to butter them up.
Seemingly betting on Harris’ victory, Garlinghouse called her approach to digital assets regulation nuanced and constructive. He highlighted that Harris is pro-technology with connections in Silicon Valley.
Indeed, Harris’ long-standing friendship with Laurene Powell Jobs and other influential industry players, stemming from her attorney days, helped the Democrats regain Silicon Valley’s patronage after Biden’s hawkish stance called it into question.
However, Garlinghouse was careful not to alienate Donald Trump. Despite implying Trump’s support for crypto was overzealous, he said either candidate’s victory would be good news for the industry.
Commenting on the Ripple vs SEC saga, Garlinghouse expressed regret for not talking to the regulator earlier. Ripple is now trying to make up for the time lost in legal battles.
Garlinghouse believes that to mend this relationship, crypto industry players must show regulators they are ‘serious people doing serious things,’ unlike Sam Bankman-Fried, who ‘showed up on Capitol Hill wearing cargo shorts.’
On Monday, Ripple co-founder Chris Larsen personally donated $10M to a PAC supporting Kamala Harris.
It’s too early to judge whether Garlinghouse’s comments positively impacted Ripple’s case. But they certainly didn’t impress $XRP investors, as the token’s price continues to slide.
In response to X users’ curiosity about $XRP’s true value, Ripple’s CTO David Schwartz said he knows ‘no method to predict the future prices of cryptocurrencies.’