In a year marked by regulatory pressure on the crypto industry, Ripple CEO Brad Garlinghouse has renewed his call for industry cohesion to rally behind pro-crypto candidates in the upcoming 2024 US presidential election.
Garlinghouse emphasizes the urgent need to counter the anti-crypto and anti-innovation stance the Biden administration took, particularly about blockchain technology. Ripple CEO believes supporting candidates who champion innovation and responsible regulation is crucial to avoid falling behind on the global stage.
Ripple CEO Calls For Industry Unity
Garlinghouse took to X (formerly Twitter) to assert Ripple’s commitment to lead the charge alongside other industry leaders in endorsing pro-innovation and pro-crypto candidates.
Ripple’s CEO highlights the negative impact of regulatory overreach, particularly from the Securities and Exchange Commission (SEC), which he believes is pushing the US in the wrong direction. At the same time, other countries seize the opportunity to capitalize on the lack of American leadership.
The Ripple CEO advocates for a return to first principles in 2024, promoting transparency, innovation, and a compliance-first approach. Through these initiatives, Garlinghouse aims to address the regulatory uncertainties that have plagued the industry and hindered its growth.
Garlinghouse underlines the importance of seizing this opportunity to effect positive change and ensure that the US remains at the forefront of crypto and blockchain innovation.
Republican And Democratic Pro-Crypto Candidates
Two Republicans and one Democrat have garnered attention as potential pro-crypto White House candidates. Entrepreneur Vivek Ramaswamy and Chairman Gary Gensler have criticized the SEC’s regulatory approach.
Ramaswamy pledges to establish forward-looking rules that clarify which crypto assets qualify as securities, promoting clarity and certainty for investors.
Former Arkansas Governor and Republican candidate Asa Hutchinson highlights the inherent transparency in the crypto market, arguing that it surpasses traditional financing in this regard.
Hutchinson believes that the transparent nature of crypto makes it a less attractive avenue for illicit activities.
On the Democratic side, Representative Dean Phillips maintains a neutral stance toward crypto. However, Phillips acknowledges its potential and calls for standardized cryptocurrency transactions and the closure of tax loopholes to address budget deficits.
Phillips emphasizes the need to tackle the influence of wealthy interests on lawmakers, citing this as a critical factor in driving bipartisan support for crypto-related initiatives.
Trump’s Crypto Comeback?
Another potential candidate is former President Donald Trump. Despite his previous prediction of a crash in cryptocurrencies, recent reports indicate his involvement in crypto.
Trump has launched a non-fungible token (NFT) collection on the Polygon blockchain network, showcasing his infamous mug shot from Fulton County Jail in Atlanta. Trump’s utilization of blockchain technology underscores its significance and ongoing interest in crypto.
The support of these candidates by Ripple CEO Brad Garlinghouse and other industry leaders reflects their shared vision for a president who fosters innovation, encourages growth, and embraces the nascent blockchain industry.
Overall, the endorsement of pro-crypto candidates by influential figures within the community holds the potential to unlock a new chapter of growth and development in the United States.
Featured image from CNBC, chart from TradingView.com