Ripple CEO Brad Garlinghouse and other crypto leaders recently shared insights into how the presidential election could influence U.S. crypto regulation.
As the U.S. presidential race enters its final days, Kamala Harris has gained substantial support from Silicon Valley leaders. According to Bloomberg, recent Federal Election Commission records show a growing alignment with the Democratic candidate. Facebook co-founder Dustin Moskovitz has contributed $30 million, while Netflix co-founder Reed Hastings has donated nearly $7 million.
Ben Horowitz, co-founder of Andreessen Horowitz, who previously supported Donald Trump, has shifted his backing with a $2.5 million donation to a pro-Harris super PAC. As a result, Harris has outpaced Trump in both fundraising and spending, building a significant war chest for the crucial final stretch.
In light of this, Bloomberg interviewed Brad Garlinghouse, CEO of Ripple, and Paul Grewal, Chief Legal Officer of Coinbase, to gain insights on how the presidential election might impact U.S. crypto regulation.
Ripple CEO on Election Impacts
https://x.com/thecryptobasic
Garlinghouse believes that the current administration’s regulatory approach is nearing its end, with hopes of more constructive engagement under the next president, whether Harris or Trump.
He notes bipartisan momentum in Congress for crypto-friendly legislation, emphasizing the U.S.’s need to catch up with nations like the U.K. and Singapore, which have clearer crypto frameworks. Garlinghouse remains neutral on the presidential candidates but expresses confidence that the “reign of terror” over crypto regulation, led by SEC Chairman Gary Gensler, will conclude soon.
Garlinghouse also predicts a rise in crypto ETFs, including XRP, which could bolster institutional involvement and drive broader market adoption. He also sees the stablecoin market as poised for growth, aligning with Ripple’s plans for its own stablecoin.
Ripple CEO Garlinghouse, Coinbase’s Chief Legal Officer and others spoke to Bloomberg about the crypto industry’s increased role with US election spending in 2024 https://t.co/nzFx62LHLG pic.twitter.com/6oTJIeayeJ
— Bloomberg Crypto (@crypto) October 29, 2024
Coinbase CLO: 52M Americans in Crypto Need Clear Rules
Meanwhile, Paul Grewal comments on the Harris campaign’s recognition of crypto’s role in the lives of 52 million Americans, mirroring sentiments similar to those of Trump’s camp. Grewal highlights the need for clearer legislation to meet voter demands and notes that 1.7 million Americans have registered as crypto advocates, making it a key issue in the election.
He emphasizes that Coinbase’s political contributions aim to support candidates who favor pro-innovation policies. Grewal also anticipates significant progress on pending legislation, such as the FIT 21 Bill and stablecoin regulation, in the next administration, with hopes for a clearer regulatory landscape. He sees stablecoin legislation as a bipartisan opportunity, poised to increase investment in stablecoins once clear standards are set.
Chris Brummer’s Take on Fintech, Stablecoins
In the interview, Chris Brummer, a noted fintech policy expert and Georgetown Law professor, provides an insightful perspective on stablecoins and the future of fintech.
He emphasizes that stablecoins have an often-misunderstood potential to reshape payment systems by reducing settlement times, offering a more efficient value transfer solution than alternatives like a U.S. Central Bank Digital Currency (CBDC).
Brummer points out that while CBDCs frequently dominate discussions, this focus has sometimes sidelined other productive debates around digital assets. He advocates for informed, clear-headed discussions in Washington that can guide effective regulation.
Reflecting on the fintech industry’s evolution, Brummer envisions mainstream acceptance growing in the coming years, largely through engagement with regulators, policymakers, and consumers. He also notes that the complexity of crypto regulation is frequently politicized, making it challenging to foster open, constructive dialogue.
Though he has contributed to policy discussions, Brummer clarified that he is not currently pursuing a role in the Harris administration. His priority remains supporting a regulatory environment that balances innovation with consumer protection.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/30/ripple-ceo-and-other-crypto-leaders-discuss-elections-impact-on-u-s-crypto-regulation/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-ceo-and-other-crypto-leaders-discuss-elections-impact-on-u-s-crypto-regulation