- Ripple CEO Brad Garlinghouse praised Harris’ nuanced and balanced approach to digital assets.
- He also said Ripple should have talked to the SEC earlier but still considers Gensler’s rule tyrannical.
- Now, Ripple is trying to mend its relationship with the SEC by making political donations and improving the crypto industry’s image.
Ripple CEO Brad Garlinghouse called Kamala Harris’ approach to crypto ‘nuanced,’ contrasting it to Trump’s ‘aggressive’ pro-crypto stance.
Given Ripple’s ongoing hurdles with the SEC, it appears that Garlinghouse is trying to secure the Democrats’ support.
Garlinghouse added his company made a mistake by not engaging with the SEC earlier. Regardless of whether his regret is genuine, it may be a step toward reconciliation.
Will Ripple’s new strategy of cooperation with regulators pay off? Only time will tell.
During his stage appearance at DC Fintech Week, Garlinghouse walked a thin line trying to establish Ripple’s neutral political status.
We can’t blame him for that – regulators have been pursuing Ripple for years. Even after the Court ruled $XRP to be a non-security, the SEC continued to attack the company with appeals. Whoever wins the election, now is the perfect time to butter them up.
Seemingly betting on Harris’ victory, Garlinghouse called her approach to digital assets regulation nuanced and constructive. He highlighted that Harris is pro-technology with connections in Silicon Valley.
Indeed, Harris’ long-standing friendship with Laurene Powell Jobs and other influential industry players, stemming from her attorney days, helped the Democrats regain Silicon Valley’s patronage after Biden’s hawkish stance called it into question.
However, Garlinghouse was careful not to alienate Donald Trump. Despite implying Trump’s support for crypto was overzealous, he said either candidate’s victory would be good news for the industry.
Ripple’s Strategy to Win Over the SEC
Commenting on the Ripple vs SEC saga, Garlinghouse expressed regret for not talking to the regulator earlier. Ripple is now trying to make up for the time lost in legal battles.
But don’t let this fool you into thinking Ripple accepts its alleged wrongdoing. Garlinghouse reiterated that US crypto regulations still lag behind other jurisdictions and accused the SEC chair Gary Gensler of tyranny.
Garlinghouse believes that to mend this relationship, crypto industry players must show regulators they are ‘serious people doing serious things,’ unlike Sam Bankman-Fried, who ‘showed up on Capitol Hill wearing cargo shorts.’
Ripple’s active political donations are also part of the plan. The company sent $50M to FairShare, a bipartisan political action committee (PAC) supporting candidates who promote economically fair policies.
On Monday, Ripple co-founder Chris Larsen personally donated $10M to a PAC supporting Kamala Harris.
$XRP’s Future Remains Uncertain
It’s too early to judge whether Garlinghouse’s comments positively impacted Ripple’s case. But they certainly didn’t impress $XRP investors, as the token’s price continues to slide.
In response to X users’ curiosity about $XRP’s true value, Ripple’s CTO David Schwartz said he knows ‘no method to predict the future prices of cryptocurrencies.’
References
- Behind Kamala Harris’s Rise: Silicon Valley’s Wealthiest Woman (New York Times)
- Ripple CEO Brad Garlinghouse speaks on legal battle with the SEC and the election — 10/23/24 (CNBC)
- David Schwartz (X)
