Ripple Head Sees Crypto Reset as US Elections Approach

• Ripple CEO Brad Garlinghouse has predicted a “reset” for the crypto space.
• Garlinghouse said that the Biden administration is “hostile” towards crypto.
• The crypto entrepreneur is optimistic regarding the approval of spot XRP ETFs.

Brad Garlinghouse, the CEO of American fintech firm Ripple, predicts that the crypto industry will face a reset, regardless of who wins the 2024 U.S. presidential election—whether it’s Republican candidate Donald Trump or current Vice President Kamala Harris.

Garlinghouse spoke at the 8th Annual Washington DC Fintech Week, where he openly criticized the Biden administration for its efforts to suppress the digital asset industry, describing its approach as “hostile” towards crypto firms. He believes the sector is on the verge of a “reset”, no matter if the Bitcoin-friendly Trump or Harris, who has been quieter on the topic despite her Silicon Valley ties, wins in November.

Read also: XRP Ledger Activity Spikes as Ripple’s SEC Fight Continues

“I think no matter what happens, we’re going to see a reset, we’re going to see forward progress and I am certainly looking forward to that.”

The Ripple CEO pointed out that while Trump has been an advocate for Bitcoin and other digital assets, even releasing his own non-fungible tokens (NFTs), Harris has been more reserved on these issues, despite being from a tech-centric region.

Garlinghouse also discussed the potential for better regulatory frameworks for cryptocurrencies after the 2024 election but advised businesses to consider moving operations abroad due to the uncertainty in U.S. regulations and the ongoing issue of debanking crypto investors.

He revealed that Citigroup, which had been his bank for 25 years, cut ties with him due to his involvement in the crypto space. Garlinghouse explained that traditional financial institutions are distancing themselves from digital assets because of the regulatory pressure, especially from the SEC.

Approval of Spot XRP ETF

Ripple is currently seeking approval for a spot XRP ETF. According to Garlinghouse, there’s a strong possibility that the SEC will approve this investment product soon.

An XRP ETF would enable everyday investors to gain exposure to XRP, which is the seventh-largest cryptocurrency by market capitalization. As of this writing, XRP is trading at $0.5301 and has decreased 0.22% in the past 24 hours, according to CoinMarketCap data.