Ripple CEO Brad Garlinghouse has recently step forward to address the discussion on Chris Larsen, the co-founder of Ripple who donated $10 million to the campaign of Vice President Kamala Harris. Garlinghouse commended Larsen for his decision while also emphasizing that Ripple does not support any particular party relating to crypto regulation.
Garlinghouse was keen on the need to support policies that enhance technological advancement rather than the political party system. His remarks follow a series of high profile crypto contributions in the current election cycle, which have been met with both applause and criticism from the different factions within the crypto space.
Brad Garlinghouse Calls for Bipartisan Crypto Policies
Speaking on the X platform, Ripple CEO Garlinghouse noted that the regulation of the cryptocurrency industry should not be political. He pointed out that both parties should accept blockchain technology and digital assets because they can help transform financial systems.
“We need to immediately change course from this administration’s misguided war on crypto,” Garlinghouse said, also noting that Ripple will be working with both parties. His statement matches the current legal actions of Ripple to get better regulation that would enable crypto firms to operate without tear of laws in the US.
Concurrently, Brad Garlinghouse has been vocal in stating what he perceives as regulatory aggression by the US SEC, with the latter suing Ripple recently.
Backlash Over Ripple co-founder Chris Larsen’s $10M Donation
While some have applauded Ripple co founder Chris Larsen’s financial contribution towards Kamala Harris, others in the crypto space have been unappreciative. Some people claim that such attention to the donations made to politicians is distracting people from the real issues affecting the common man.
A user on X said, “There’s more to life than crypto, Brad,” which highlights the concerns over healthcare and inequality within the country. This view aligns with a broader discourse on whether the crypto industry’s lobbying is too self-serving rather than considering the impact of the industry on society.
At the same time, there are concerns regarding the potential effectiveness of the donations in changing the future regulatory framework for crypto. Some people opined that while Democrats and Harris in particular have been receiving campaign donations from the crypto leaders, they may not necessarily become pro-crypto.
Ripple CEO Crypto Regulatory Concerns
One of the main points of contention for Ripple and its executives is the regulatory environment in the U.S., particularly the role of the SEC. Consequently, Brad Garlinghouse has criticized SEC Chairman Gary Gensler’s hardline stance, saying that the commission’s refusal to provide clear guidance is stifling innovation.
Concurrently, rumors have also surfaced about a potential change in leadership at the SEC, with Georgetown Law professor Chris Brummer and PCAOB Chair Erica Williams being considered as replacements for Gensler if Kamala Harris wins the presidency.
Garlinghouse’s comments also touched on Ripple’s future strategy, noting that the company would continue to engage with both political parties regardless of the election outcome.
“It’s not about party lines; it’s about championing policies that drive blockchain and crypto innovation,” Garlinghouse stated.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply