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Ripple CEO Brad Garlinghouse has taken a strong stance against what he describes as the “unlawful war on crypto” led by the U.S. government under the Biden administration. In the interview, Garlinghouse also speaks about the challenges XRP and the broader crypto industry faced due to the hostile environment that has been created by the U.S. Securities and Exchange Commission (SEC) under the Biden administration.
Joined @MorningsMaria to discuss a new dawn for crypto in the largest economy in the world under the Trump Administration. The industry has been asking for clear rules of the road for years – and I’m incredibly optimistic for what’s next as we move past the unlawful war and… https://t.co/DEuy0PW462
— Brad Garlinghouse (@bgarlinghouse) November 20, 2024
An Unlawful War: The Ripple Perspective
In the interview, Garlinghouse emphasized that the Biden administration approach to cryptocurrency was full of ambiguity and aggression. The SEC’s lawsuit against Ripple over classification of XRP froze its opportunities in the U.S. and created a state of confusion and chaos within the industry.
“The SEC has waged that I believe is unlawful war on crypto,” Garlinghouse said, pointing to federal court rulings that criticized the regulatory agency’s actions as “arbitrary and capricious” an lacking a “faithful allegiance to the law.” According to Garlinghouse, not only did it hinder Ripple’s growth but it also damaged the U.S. reputation as a global leader in technology and finance sector.
Ripple’s Global Success Amid U.S. Challenges
Today, 95% of the Ripple’s customers are based outside of the U.S., including major banks and financial institution in the U.K., Japan an Switzerland. “The U.S. has been the outlier,” he said. “While other economies lean into crypto innovation, the U.S. has been leaning out, and that needs to change.” Garlinghouse suggested.
Hope for Clarity Under Trump
Garlinghouse has been very optimistic since Trump won the presidential election 2024, he is positive that Trump’s administration will establish crypto-friendly policies and appoint regulators that will provide clarity to the industry which is the need of the hour.
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“One of the biggest problem isn’t overregulation, but its unclear regulation,” Garlinghouse explained. He hopes that clarity around the cryptocurrency regulations are established soon under Trump’s administration.
Ripple’s Plan for the Future
Ripple is looking forward to expand in the stablecoin market with the launch of Ripple USD, a stablecoin tailored for institutional use cases. Garlinghouse sees this as a key step in addressing inefficiencies in cross-border payments and providing banks with faster, cheaper and more reliable solutions.
“The stablecoin market is a $180 billion opportunity,” he said, “and Ripple is uniquely positioned to bring innovation and trust to this space.”
A New Era for Crypto
Garlinghouse remains hopeful that the new administration will help the U.S. reclaim its position as a leader in blockchain and cryptocurrency innovation. He called for a balanced regulatory framework that protects investors without hindering growth.
“This isn’t about removing regulation,” Garlinghouse clarified. “It’s about creating clear, fair rules that allow the crypto industry to thrive while safeguarding the interest of the public.”