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In a recent interview, Ripple CEO Brad Garlinghouse voiced his concerns over the current U.S. regulatory approach toward the crypto industry. He also predicted the end of this crypto “reign of terror” with a complete “reset.” Moreover, he expressed confidence in the approval of a spot XRP ETF.
Ripple CEO on Future of Crypto Regulation
Garlinghouse criticized the Biden administration’s handling of crypto regulations, stating that its approach is “coming to an end for sure.” He expressed optimism that the next administration, whether it be led by Vice President Kamala Harris or former President Donald Trump, will bring “more constructive engagement with this industry.”
The Ripple CEO emphasized that the crypto sector represents “an innovative technology” and argued that the U.S. should be leading in its development, just as it did with the internet. Reflecting on the political arena, Garlinghouse noted that the Republican Party has been more active in pushing for clearer regulations in the crypto space.
Ripple Labs CEO Brad Garlinghouse says “it’s just inevitable” that the company’s XRP cryptocurrency will be offered through an exchange-traded fund https://t.co/o4ri9sleqY pic.twitter.com/AsiCLCBtVo
— Bloomberg Crypto (@crypto) October 23, 2024
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“At a macro level, the Republicans have been more proactive in saying this is an industry that needs clear regulation,” he said. Here, he is pointing to a bipartisan bill passed in the House with support from both parties. However, he also hinted that the Harris campaign may recognize the need to “reset some of the very flawed approaches” taken by the current administration toward crypto and other technologies.
The Ripple CEO expressed frustration with U.S. regulators, particularly the Securities and Exchange Commission (SEC) under Gary Gensler’s leadership. He described Gensler’s approach as a “reign of terror on the crypto industry” and predicted that it will “come to an end very soon,” according to Bloomberg interview.
Comparison with Global Crypto Scene
Finally, Garlinghouse highlighted how the U.S. is falling behind other countries in providing a clear regulatory framework for the crypto industry. He mentioned the UK, Switzerland, Singapore, and Japan as examples of nations that are “way ahead in providing constructive and clear regulation and rules of the road for this industry.”
In addition, the Ripple CEO doubled down on the XRP ETF approval being “inevitable.” Currently, there are two spot XRP ETFs have been filed by asset mangers Bitwise and Canary Capital.
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