- Ripple CEO advocates for pro-crypto candidates against anti-innovation policies.
- Identifying Republicans and Democrats supportive of blockchain technology.
- Former President Trump’s surprising entry into the crypto arena.
Ripple CEO Brad Garlinghouse is urging industry players to unite and throw their support behind pro-crypto candidates in the upcoming 2024 US presidential election.
Garlinghouse has emphasized the critical need to counter the Biden administration’s perceived anti-crypto and anti-innovation stance, particularly concerning blockchain technology. The Ripple CEO contends that rallying behind candidates who champion innovation and responsible regulation is imperative to prevent the United States from lagging behind on the global stage.
Taking to X (formerly Twitter), Garlinghouse reaffirmed Ripple’s commitment to spearhead this movement alongside other industry leaders, endorsing candidates who prioritize innovation and cryptocurrency-friendly policies.
Team @Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 US election cycle. The US cannot afford to continue taking a back seat on the global stage.
Regulatory overreach (esp from… https://t.co/hpkqNf7Y99
— Brad Garlinghouse (@bgarlinghouse) December 18, 2023
The Ripple CEO underscored the adverse effects of regulatory overreach, notably from the Securities and Exchange Commission (SEC), which he believes is steering the US in the wrong direction. Simultaneously, other nations are seizing the opportunity to capitalize on the absence of clear American leadership in the crypto space.
Garlinghouse highlighted the importance of seizing this moment to instigate positive change, ensuring the US remains at the forefront of crypto and blockchain innovation.
Identifying Potential Pro-Crypto Candidates
Within the political landscape, two Republicans and one Democrat have emerged as potential pro-crypto White House contenders. Entrepreneur Vivek Ramaswamy and SEC Chairman Gary Gensler have criticized the SEC’s regulatory approach.
Ramaswamy has pledged to establish forward-looking rules clarifying which crypto assets qualify as securities, providing clarity and certainty for investors.
Former Arkansas Governor and Republican candidate Asa Hutchinson emphasized the inherent transparency of the crypto market, arguing that it surpasses traditional financing in this regard. Hutchinson believes that this transparency makes crypto a less attractive avenue for illicit activities.
On the Democratic side, Representative Dean Phillips maintains a neutral stance on crypto. However, he recognizes its potential and advocates for standardized cryptocurrency transactions and closing tax loopholes to address budget deficits. Phillips also emphasizes the need to combat the influence of wealthy interests on lawmakers, a crucial factor in driving bipartisan support for crypto-related initiatives.
Trump’s Crypto Resurgence?
A surprising entry into the potential candidate pool is former President Donald Trump. Despite his previous skepticism and prediction of a cryptocurrency crash, recent reports suggest his newfound interest in crypto.
Trump has ventured into the space by launching a non-fungible token (NFT) collection on the Polygon blockchain network, featuring his infamous mug shot from Fulton County Jail in Atlanta. This move underscores Trump’s acknowledgment of blockchain technology’s significance and his ongoing interest in the crypto sphere.
The backing of these candidates by Ripple CEO Brad Garlinghouse and other industry leaders reflects a shared vision for a president who fosters innovation, encourages growth, and embraces the burgeoning blockchain industry.
In conclusion, 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, navigating the challenges posed by regulatory uncertainties.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.