- Garlinghouse expects a reset in U.S. crypto regulation, with clearer frameworks fostering innovation, post-2024 election.
- Trump supports crypto and pledges to end regulatory crackdowns, while Harris hints at backing innovation within a regulated space.
- Garlinghouse believes the U.S. must catch up to countries like the UK and Japan in providing clear rules for the crypto industry.
Brad Garlinghouse, CEO of Ripple, expressed confidence that the U.S. crypto industry will see a regulatory shift, regardless of the 2024 election outcome. Speaking at Washington DC’s Fintech Week, Garlinghouse emphasized that the current administration’s approach has been detrimental to the sector, but changes are expected soon. He anticipates a reset, with clearer regulatory frameworks that foster innovation. Garlinghouse believes this shift will be crucial to keeping the U.S. competitive in global financial technology.
Bipartisan Outlook on Crypto Regulation
In a discussion with CNBC, Garlinghouse mentioned the contrasting approaches of the current presidential candidates toward crypto regulation. Notably, he highlighted former President Donald Trump’s strong pro-crypto stance.
Trump has pledged to end what he referred to as an “unlawful and un-American crackdown” on digital assets and has supported crypto projects like World Liberty Financial. In contrast, Vice President Kamala Harris, while more reserved on the subject, has hinted at potential support for innovation, including digital assets, within a regulatory framework that prioritizes consumer protection.
Harris Campaign’s Technology Ties
Garlinghouse also noted Harris’ connections to Silicon Valley and her history of supporting technology. Despite her relatively quiet stance on cryptocurrency, Harris has acknowledged the importance of technological advancements.
She has recently spoken about the benefits of AI and digital assets in expanding access to banking and financial services. These comments, Garlinghouse believes, suggest that her campaign may be open to resetting some of the regulatory challenges posed by the Biden administration.
Crypto Regulation to Move Forward
Garlinghouse’s optimism stems from the belief that the U.S. will eventually catch up to other nations with clearer crypto regulations. He pointed to countries like the UK, Switzerland, Singapore, and Japan, which have already implemented constructive rules for the crypto industry.
He emphasized that the U.S. should strive to lead in this space, as it did during the rise of the Internet. Regardless of which candidate wins, he expects a more cooperative regulatory environment that fosters innovation in the crypto sector.
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