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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
Stablecoin

Ripple CEO Criticizes Political Divide On Crypto: ‘Republicans Playing Chess, Democrats Checkers’

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a thought-provoking session at the Fortune 2024 BrainstormTech conference, Ripple CEO Brad Garlinghouse addressed the division between Republicans and Democrats in the United States when it comes to crypto policy. 

Expressing his discontent, Garlinghouse emphasized the need for a unified approach towards innovation, highlighting the importance of crypto technology which supports efficiency and reduces losses.

Ripple CEO Highlights Political Divide

Garlinghouse pointed out the current dynamics where some Republicans are supportive of cryptocurrencies while some Democrats exhibit a more skeptical stance.

Ripple’s CEO echoed the sentiment that reports suggesting President Biden’s potential loss of votes due to an anti-crypto stance, while former President Trump gains support with a pro-crypto position, make logical sense. 

Drawing from his first-hand experiences in Washington, Garlinghouse revealed that Democratic leaders are beginning to question their previous approach, acknowledging the need to understand how crypto is being utilized by legitimate actors who strive to comply with regulations. In short, he believes that “the Republicans are playing chess while the Democrats are playing checkers.” 

Related Reading: Ripple And Long-Term Partner Tranglo Break Up, What Happened?

As the CEO of Ripple, which has been engaged in a prolonged legal battle with the US Securities and Exchange Commission (SEC) over the sales of XRP, Garlinghouse candidly shared his thoughts on the challenges faced during this period. 

Garlinghouse described being initially apprehensive about Ripple’s future and growth prospects as the US government filed its lawsuit against the company in December 2020. 

However, Garlinghouse disclosed that despite the uncertainties, Ripple experienced record-breaking years during the first two years after the lawsuit, largely due to expanding its operations beyond the United States. 

Garlinghouse also expressed sadness that a significant portion, reportedly 75%, of Ripple’s customer base and payment volume now comes from outside the United States after the legal dispute with the government, leading to a strategic decision to prioritize non-US hiring.

Garlinghouse Warns Of Historical Consequences

During the conference, Garlinghouse also addressed the lack of regulatory clarity in the US, which has compelled Ripple to seek markets with more defined guidelines, such as Japan, the Middle East, Singapore or the UK. 

Ripple’s CEO urged the US SEC to take a leadership role in resolving regulatory challenges surrounding cryptocurrencies, cautioning that the current SEC administration’s approach may be viewed unfavorably in the history books.

Interestingly, the legal dispute between Ripple Labs and the SEC may soon see a resolution. As reported by Bitcoinist on Monday, the SEC has scheduled a closed-door meeting for Thursday, July 18, 2024, potentially signaling a settlement between the two parties. 

Initially seeking a nearly $2 billion penalty, the SEC has now reduced its demand to $102.6 million. Ripple, on the other hand, has proposed a penalty cap of $10 million, referencing the resolution of the Terraform Labs case. However, the SEC has countered this proposal, arguing that such a nominal amount would not align with the objective of civil penalty laws.

Related Reading: Major Squeeze That Sent XRP Price Surging 60,000% Has Returned, Will History Repeat Itself?

It remains to be seen what the outcome of this meeting will be, with the possibility of ending a nearly 4-year dispute that has significantly impacted the company’s operations under the SEC’s regulatory jurisdiction, and potentially paving the way for further resolutions of similar disputes with Coinbase or Uniswap Labs. 

Ripple
The 1-D chart shows XRP’s price trending upwards. Source: XRPUSD on TradingView.com

At the time of writing, XRP is trading at $0.58, up over 9% in 24 hours and recording a substantial 34% price gain in just one week. 

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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