Ripple CEO Urges Crypto Industry to Support Pro-Crypto Candidates in 2024 US Presidential Election
Ripple CEO Brad Garlinghouse is calling for unity within the crypto industry to back pro-crypto candidates in the upcoming 2024 US presidential election. Garlinghouse believes that supporting candidates who champion innovation and responsible regulation is crucial in order to counter the anti-crypto stance taken by the Biden administration. He emphasizes the need to avoid falling behind other countries that are capitalizing on the lack of American leadership in the crypto industry.
Garlinghouse’s Commitment to Industry Unity
Garlinghouse took to X (formerly Twitter) to assert Ripple’s commitment to lead alongside other industry leaders in endorsing pro-innovation and pro-crypto candidates. He 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. Garlinghouse advocates for transparency, innovation, and a compliance-first approach as key principles to address regulatory uncertainties and ensure the US remains at the forefront of crypto and blockchain innovation.
Potential Pro-Crypto Candidates
Two Republicans and one Democrat have emerged as potential pro-crypto White House candidates. Entrepreneur Vivek Ramaswamy and Chairman Gary Gensler have criticized the SEC’s regulatory approach. Ramaswamy aims to establish rules that clarify which crypto assets qualify as securities, promoting clarity for investors. Former Arkansas Governor Asa Hutchinson highlights the transparency of the crypto market, making it less attractive for illicit activities. On the Democratic side, Representative Dean Phillips calls for standardized cryptocurrency transactions and closing tax loopholes while acknowledging its potential.
Trump’s Involvement in Crypto
Former President Donald Trump, despite previously predicting a crash in cryptocurrencies, has shown recent interest in the industry. He has launched a non-fungible token (NFT) collection on the Polygon blockchain network, demonstrating his ongoing interest in crypto and blockchain technology.
Hot Take: Pro-Crypto Candidates Hold Promise for US Crypto Industry
The support of influential figures like Ripple CEO Brad Garlinghouse for pro-crypto candidates reflects their shared vision of fostering innovation and growth within the blockchain industry. By rallying behind candidates who champion responsible regulation and support crypto initiatives, the US crypto industry has the potential to unlock new opportunities for growth and development. The upcoming 2024 US presidential election presents a crucial opportunity to shape the future of the industry and ensure that the US remains a leader in crypto and blockchain innovation.
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