• Ripple CEO Brad Garlinghouse believes that the U.S. will become more pro-crypto after the election, regardless of who wins.
• Garlinghouse advises fintech startups to incorporate outside of the United States due to the current contentious environment in Washington.
• He expects a “reset” in the government’s approach towards crypto after the election, moving away from what he calls an “attack” on the industry by the Biden administration.
Garlinghouse has previously voiced skepticism about the direction of US crypto regulation. However, he now sees grounds for hope after the election. He believes crypto policy will improve no matter which party claims victory.
Garlinghouse’s Views on Current Policy
Garlinghouse argued that the Biden administration has taken a hostile stance toward crypto. He cited actions by agencies like the SEC, the Office of the Comptroller of the Currency, and the Treasury Department. Garlinghouse also mentioned “Operation Chokepoint 2.0,” referring to banks’ reluctance to work with crypto firms. He contended these policies have hurt innovation and forced crypto companies overseas.
Anticipating a Friendlier Landscape
Nonetheless, Garlinghouse foresees change on the horizon. He noted that both Trump and Harris have made encouraging remarks about crypto and innovation. While their positions differ in some respects, Garlinghouse believes a “reset” is imminent after the election. He expects to see real progress, regardless of the winner.
Advice to Fintech Startups
For now, Garlinghouse recommends that new crypto firms incorporate outside the US due to the uncertain regulatory environment. But longer-term, he is bullish on crypto’s growth in America following the election. Garlinghouse believes the next administration and Congress will take a much more crypto-friendly stance.
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Conclusion
In short, Ripple’s CEO sees the election as a pivotal moment for US crypto policy. While he has criticized the status quo, Garlinghouse is optimistic that Washington will become significantly more welcoming to crypto and blockchain innovation. He anticipates substantial progress in the coming years as regulators and lawmakers develop a deeper understanding of the technologies and their potential.
