Ripple CEO Brad Garlinghouse and other crypto executives recently shared their ideas on how the presidential election could influence US crypto regulation.
As the US presidential race enters its final days, Kamala Harris has garnered substantial support from Silicon Valley executives. According to Bloomberg, recent Federal Election Commission filings show growing alignment with the Democratic candidate. Facebook co-founder Dustin Moskovitz contributed $30 million, while Netflix co-founder Reed Hastings donated nearly $7 million.
Ben Horowitz, co-founder of Andreessen Horowitz, who previously supported Donald Trump, shifted his support by donating $2.5 million to a pro-Harris super PAC. As a result, Harris has outpaced Trump in fundraising and spending, building up a significant war chest for the crucial home stretch.
In light of this, Bloomberg interviewed Brad Garlinghouse, CEO of Ripple, and Paul Grewal, Chief Legal Officer of Coinbase, to better understand the impact of the presidential election on US crypto regulation.
Ripple CEO on Election Impacts
Garlinghouse believes the current administration’s regulatory approach is coming to an end, with hopes for more constructive engagement under the next president, whether Harris or Trump.
He notes the bipartisan momentum in Congress for pro-crypto legislation, highlighting the need for the United States to catch up with countries like the United Kingdom and Singapore, which have clearer crypto frameworks. Garlinghouse remains neutral on the presidential candidates but says he is confident that the “reign of terror” on crypto regulation, led by SEC Chairman Gary Gensler, will soon end.
Garlinghouse also predicts a rise in crypto ETFs, including XRP, which could boost institutional participation and drive broader market adoption. He also sees the stablecoin market as poised for growth, aligning with Ripple’s projects for its own stablecoin.
Ripple CEO Garlinghouse, Coinbase’s chief legal officer and others spoke to Bloomberg about the crypto industry’s increased role in U.S. election spending in 2024. pic.twitter.com/6oTJIeayeJ
– BloombergCrypto (@crypto) October 29, 2024
Coinbase CLO: 52 million Americans in crypto need clear rules
Meanwhile, Paul Grewal comments on the Harris campaign’s acknowledgment of crypto’s role in the lives of 52 million Americans, reflecting similar sentiments to those in the Trump camp. Grewal highlights the need for clearer legislation to address 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 are aimed at supporting candidates who favor pro-innovation policies. Grewal also expects significant progress on pending legislation, such as the FIT 21 bill and the regulation of stablecoins, in the next administration, in hopes of a clearer regulatory landscape. He views stablecoin legislation as a bipartisan opportunity, poised to increase investment in stablecoins once clear standards are set.
Chris Brummer’s take on Fintech and Stablecoins
In the interview, Chris Brummer, a recognized fintech policy expert and Georgetown law professor, provides an insightful perspective on stablecoins and the future of fintech.
It highlights that stablecoins have the often misunderstood potential to reshape payment systems by reducing settlement times, providing a more efficient value transfer solution than alternatives such as the US Central Bank Digital Currency (CBDC). ).
Brummer points out that while CBDCs often dominate discussions, this focus has sometimes sidelined other productive debates around digital assets. He advocates for informed, lucid discussions in Washington that can guide effective regulation.
Reflecting on the evolution of the fintech industry, Brummer envisions growing acceptance in the coming years, driven in large part by engagement from regulators, policymakers and consumers. He also notes that the complexity of cryptocurrency regulation is often politicized, making it difficult to promote open and constructive dialogue.
Although he has contributed to policy discussions, Brummer clarified that he currently has no role in the Harris administration. Its priority remains supporting a regulatory environment that balances innovation and consumer protection.
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