Coin World News Report:
Ripple Labs CEO Brad Garlinghouse believes that the United States will become more crypto-friendly. Regardless of who wins the next election, Garlinghouse sees impending changes. At DC Fintech Week, he stated:
“This is the most important election we’ll hold, but no matter what happens, we will have a Congress that is more supportive of cryptocurrency and innovation than ever before.”
Ripple is not a small player in the cryptocurrency field. Tied to the XRP token, the company works with banks and financial institutions to facilitate global payments. However, due to the hostile attitude towards cryptocurrencies in Washington under the leadership of Joe Biden, 95% of their business takes place outside the United States.
Ripple’s legal battles and Garlinghouse’s advice to fintech startups
In 2020, Ripple was dragged into a lawsuit by the U.S. Securities and Exchange Commission (SEC). The SEC argued that XRP is a security, but Ripple scored a significant victory last year when a judge ruled that XRP is not a security when sold to retail investors.
This victory was a crucial moment for the industry, and Garlinghouse has some advice for fintech startups navigating the current climate: “Incorporate outside of the United States.”
Why? Simple. Garlinghouse believes that the U.S. government is too slow and hostile. But he is also hopeful for the future.
He said, “Anyone who thinks we won’t end up in a better place hasn’t been paying attention. 10 years from now, when we look back, we’ll realize the U.S. made mistakes for years, but it was just a speed bump. This industry is going to thrive.”
Ripple has also put its money where its mouth is. The company donated $45 million to Fairshake, a political action committee supporting cryptocurrency.
Co-founder Chris Larsen even invested $11 million in Kamala Harris’ campaign. To express his viewpoint, Garlinghouse wore a purple tie on stage, symbolizing the middle ground between red and blue.
Cryptocurrency and politics: Deepening divides
The industry has become increasingly partisan, despite growing support for cryptocurrencies from both sides of Congress. On one hand, you have Trump, who has been a strong supporter of the industry, claiming to be the “Cryptocurrency President.”
Garlinghouse pointed out, “It was clear that Trump appeared early in support of cryptocurrency and very positively.” On the other hand, you have Kamala Harris. Her team has been relatively quiet on cryptocurrencies, but Garlinghouse noted that this week they made “some of the most constructive comments they’ve made publicly” on the topic.
Harris hails from Silicon Valley and has always been supportive of technology, although she is seen as an advocate for Biden’s anti-crypto actions. She has never refuted these claims.
However, despite the different approaches, Garlinghouse is certain of one thing: regardless of who wins, the United States will see a “reset” in its approach to cryptocurrencies. He believes that the Biden administration is a disaster for the industry.
He said, “No matter what happens, we will be left with the failed policies of the Biden administration.” According to him, the SEC, the Office of the Comptroller of the Currency, and even the Treasury Department are “hostile towards cryptocurrencies.”
Personally, Garlinghouse has not officially endorsed any presidential candidate. But earlier this week, he supported cryptocurrency lawyer John Deaton, who is trying to remove crypto critic Senator Elizabeth Warren.
Warren has been pushing for more regulation on the cryptocurrency industry but has not gained any popularity here.
Harris vs. Trump: Necks and necks
Meanwhile, the latest CNBC All-America Economic Survey shows a tight race in the presidential election. Trump leads Harris with a slight advantage of 48% to 46%. This lead is within the margin of error of the survey, meaning it’s anyone’s game.
In crucial battleground states, Trump leads by just 1%, 48% to 47%. With less than two weeks left until the race concludes, both sides are staying closely connected. The survey was conducted from October 15th to 19th and collected opinions from 1,000 voters nationwide, with a specific focus on the battleground states.
Of the total sample, 186 voters came from key states such as Arizona, Georgia, and Pennsylvania. An additional 400 voters were surveyed specifically from these battleground areas, totaling 586 respondents.
So, where do voters stand on key issues? It all comes down to the economy. Inflation, cost of living, and concerns of the middle class rank highest. Trump has gained significant support among voters concerned about inflation and the economy. He holds a 42% to 24% advantage over Harris in perceived improvement of financial situations.
Approximately 29% of voters say it doesn’t matter who wins; they do not expect any change in their financial situation. But for those who do, Trump leads by 13 percentage points.
