Ripple CEO Brad Garlinghouse recently shared his views on the cryptocurrency industry’s growing influence on US politics, and stated that crypto did have an influence in the US elections. He added that this election was a major victory for the crypto industry as well, as he talked about the future of Ripple(XRP) and crypto.
When asked if, some people will look at that and say, “You teamed up and bought an election”, Garlinghouse responded, “At the end of the day, voters voted. We– we– we educated voters, as many industries do, about candidates.” Garlinghouse, thus, defended the industry’s PAC as a legitimate strategy to push for clearer regulatory frameworks.
Crypto made its debut on @60Minutes tonight – there’s no doubt that these technologies will continue to become more and more mainstream – with influence and reach that will only continue to grow.
A few things I do want to comment on after watching:
I spoke with Margaret…
— Brad Garlinghouse (@bgarlinghouse) December 9, 2024
Ripple CEO on Crypto’s Political Investments
Garlinghouse emphasized the substantial political contributions made by crypto companies, including Ripple, in the 2024 election cycle. Together with other firms, Ripple contributed $144 million to super PACs backing candidates with pro-crypto stances. This investment yielded notable success, with 85% of the candidates supported by the industry winning their races.
He brought to fore victories such as the election of Democratic senators Elissa Slotkin in Michigan and Ruben Gallego in Arizona, attributing their success partly to crypto-backed campaigns.
Ripple‘s SEC Lawsuit
Garlinghouse also spoke on Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Speaking on SEC’s allegations that Ripple’s sale of XRP includes an unregistered securities offering, Garlinghouse revealed that Ripple has spent over $150 million defending itself, arguing that XRP should not be classified as a security.
Advertisement
In the interview, Ripple CEO criticized the SEC’s aggressive approach under Chair Gary Gensler, and called it a “war on crypto” that hinders innovation. He claimed that the creation of the super PAC Fairshake was a direct response to the SEC’s actions. “If there had been a different SEC chair, I’m not sure Fairshake would exist,” he remarked.
Ripple CEO on Crypto’s Future, XRP
The CEO also highlighted the FIT21 bill, a bipartisan legislative proposal that attempts to create a new regulatory framework for digital assets. He expressed optimism about the bill’s potential to provide clarity and reduce confusion in the crypto market.
Barlinhouse noted, “While the SEC will still play a role, the legislation gives more responsibility for regulating cryptocurrencies to the CFTC, the Commodity Futures Trading Commission, which oversees futures markets for everything from gold to pork bellies…and already has some jurisdiction over bitcoin.”
Garlinghouse countered criticism from major figures like JPMorgan Chase CEO Jamie Dimon, who once called Bitcoin a “pet rock” by pointing to the success of Bitcoin ETFs.
He defended crypto’s role in the economy, arguing that it offers individuals freedom to choose how to use their money, much like gambling or other high-risk activities.
In the interview, Garlinghouse described Ripple as a company focused on practical applications of blockchain technology, particularly in cross-border payments. He said that XRP serves as the bridge currency in these transactions, enabling faster and cheaper transfers. He pointed out that Ripple’s work with financial institutions aligns with the broader goal of integrating crypto into the global financial system.
Advertisement
XRP’s bullish trends, which are up more than 300% since the election, was highlighted as a testament to growing market confidence. The CEO also shared that Ripple has pledged an additional $25 million to Fairshake to continue supporting pro-crypto candidates in future elections.
Also Read: Ripple Lawsuit: SEC’s Next Move as January 15 Deadline Nears
