The digital assets sector is poised for a reset regardless of the outcome of the November elections in the United States, according to Ripple CEO Brad Garlinghouse.
“Progress lies ahead, and I am certainly looking forward to it,” he stated in a conversation with CNBC’s Tanya Machin on stage at DC Fintech Week 2024.
He described the current administration of President Joe Biden as “hostile” towards cryptocurrencies.
According to him, much will depend on who replaces Gary Gensler as the head of the SEC, who “has led a reign of terror,” and the leaders of other regulators.
“This will indicate the direction the market will take over the next four years. Regardless, we will find ourselves in a better place, and when we look back at this period of U.S. relations with cryptocurrencies, it will seem like a speed bump,” Garlinghouse believes.
He noted that both presidential candidates have expressed support for the industry. Donald Trump did so “early and very aggressively,” while Kamala Harris generally supports technology, being from Silicon Valley, added the Ripple CEO.
Amid current regulatory pressures, Garlinghouse advised crypto startups to consider registering outside the U.S. He clarified that the industry faces challenges with banking services, and he himself had his personal accounts closed, citing his prominent role in it. He was given five days to withdraw his funds.
In an interview with CoinDesk, the Ripple CEO admitted that this involved Citibank, where he had been a client for 25 years. He noted that the institution was candid with him, stating that connections with cryptocurrencies attract close scrutiny from regulatory bodies.
Earlier, CEO of BlackRock Larry Fink expressed confidence that the prospects for the bitcoin industry do not depend on who occupies the White House.