In a year marked by regulatory pressure on the crypto industry, Ripple CEO Brad Garlinghouse has renewed its call for industry cohesion to support pro-crypto candidates in the upcoming 2024 US presidential election.
Garlinghouse emphasizes the urgent need to counter the anti-crypto and anti-innovation stance taken by the Biden administration, particularly when it comes to blockchain technology. Ripple CEO believe secondary Finding candidates who champion innovation and responsible regulation is crucial to avoid being left behind on the global stage.
Ripple CEO calls for industrial unity
Garlinghouse took to X (formerly Twitter) to affirm Ripple's commitment to leading the charge alongside other industry leaders to back pro-innovation and pro-crypto candidates.
Ripple CEO highlights negative impact of regulatory overreach, particularly from the National stock market Commission (SEC), which in his opinion is pushing the United States in the wrong direction. At the same time, other countries are taking the opportunity to capitalize on the lack of American leadership.
Ripple's CEO advocates for a return to first principles in 2024, promoting transparency, innovation and a compliance-first approach. Through these initiatives, Garlinghouse aims to address the regulatory uncertainties that have affected the industry and hindered its growth.
Garlinghouse emphasizes the importance of taking advantage of this opportunity to carry out positive change and ensure the US remains at the forefront of cryptocurrency and blockchain innovation.
Pro-crypto Republican and Democratic candidates
Two Republicans and one Democrat have drawn attention as possible pro-crypto candidates for the White House. Businessman Vivek Ramaswamy and Chairman Gary Gensler criticized SEC's regulatory approach.
Ramaswamy is committed to establishing forward-looking rules that clarify which crypto assets qualify as securities, promoting clarity and certainty for investors.
Former Arkansas Governor and Republican candidate Asa Hutchinson crypto-tradfi-210654398.html” target=”_blank” rel=”noopener nofollow”>reflexes the transparency inherent to the crypto market, arguing that it surpasses traditional financing in this regard.
Hutchinson believes that the transparent nature of cryptocurrencies makes them a less attractive avenue for illicit activities.
On the Democratic side, Representative Dean Phillips maintains a neutral stance towards cryptocurrencies. However, Phillips recognize its potential and calls for standardized cryptocurrency transactions and the closing of tax loopholes to address budget deficits.
Phillips emphasizes the need to address the influence of wealthy interests on lawmakers, citing this as a critical factor in driving bipartisan support for cryptocurrency-related initiatives.
The return of Trump cryptocurrencies?
Another potential candidate is former President Donald Trump. Despite his previous prediction of a cryptocurrency crash, recent reports indicate his involvement in cryptocurrencies.
Trump has launched a collection of non-fungible tokens (NFTs) on the Polygon blockchain network, featuring his infamous mugshot from the Fulton County Jail in Atlanta. Trump's use of blockchain technology underscores his importance and continued interest in cryptocurrencies.
He support The description of these candidates by Ripple CEO Brad Garlinghouse and other industry leaders reflects their shared vision of a president who fosters innovation, encourages growth, and embraces the nascent blockchain industry.
Overall, the endorsement of pro-crypto candidates by influential figures within the community has the potential to unlock a new chapter of growth and development in the United States.
Featured image from CNBC, chart from TradingView.com
