Ripple CEO Brad Garlinghouse has spoken about the challenges of “de-banking” in the crypto industry and his hopes for a major crypto reset following the upcoming US elections. Speaking at the 8th Annual Washington DC Fintech Week, Garlinghouse expressed his optimism about the development of crypto regulations.
During his address, Garlinghouse emphasized the need for a “reset” in the crypto space and highlighted the differing attitudes of the two Presidential candidates. While former President Donald Trump has shown strong support for crypto and pledged to make America the crypto capital of the world, Vice President Kamala Harris has been relatively quiet on the matter.
Garlinghouse believes that regardless of the political affiliation of the new administration, there will be a push for more favorable regulatory frameworks. He stated, “It’ll be telling as to what the direction of travel is for the next four years. No matter what, we’re going to end up in a better place. When we look back on this period of time in the United States as it relates to crypto, it’s going to look like a speed bump.”
To illustrate the challenges faced by those in the crypto industry, Garlinghouse shared his personal experience of being “de-banked” by Citibank after a 25-year banking relationship. This forced him to transfer his funds within a short period of time, highlighting a broader issue faced by many in the industry.
Garlinghouse also predicted the inevitable approval of a spot XRP ETF in the US market. He pointed to the success of spot Bitcoin ETFs launched earlier this year and the growing demand for crypto ETFs, which reflects increasing institutional involvement in the industry. Garlinghouse believes this trend will drive upward pressure on the prices of various cryptocurrencies, including XRP.
Overall, Garlinghouse’s remarks highlight his optimism for the future of the crypto industry and his belief that the upcoming US elections will bring about positive changes in terms of regulations and institutional adoption. He remains confident that a major crypto reset is on the horizon.