Ripple CEO sees 'constructive path' in Kamala Harris' stance on crypto
10/25/2024 23:56CEO Brad Garlinghouse commended Harris' 'nuanced' approach to digital assets, amid industry concern of over-regulation of the sector.
Ripple CEO Brad Garlinghouse has called Kamala Harris’ approach to crypto “nuanced” and even extolled Harris’ commitment to supporting federal crypto regulations as a “constructive” path forward during a recent speech at D.C. Fintech Week.
“I think no matter what happens, we’re going to see a [crypto] reset, we’re going to see forward progress,” Garlinghouse said about the upcoming shift in Kamala Harris’ crypto policies. “No matter what happens, we’re going to leave behind a failed approach from the Biden Administration.”
Under President Joe Biden and the U.S. Securities and Exchange Commission administration of Gary Gensler, the crypto industry claims it has faced a harsh regulatory cudgel, which has undermined the sector's ability to innovate in a domestic context. During the Biden administration, Coinbase CEO Brian Armstrong criticized the SEC’s policy of “regulation by enforcement” while praising crypto’s comparatively better opportunities overseas.
Unlike Biden, however, Garlinghouse conceded that Harris was “pro-technology.”
“Obviously, Trump came out early and very aggressively… and said he’s the crypto president,” Garlinghouse said. “Kamala and Team Harris have been more nuanced.”
While Harris was “relatively quiet” on crypto compared to her opponent Donald Trump for the majority of her campaign, Garlinghouse expressed optimism bout upcoming crypto policy shifts under a Harris administration.
Ripple co-founder Chris Larsen has pumped more than $11 million into Harris’ campaign this year, drawing both support and criticism from others in the crypto industry.
For his part, Garlinghouse expressed support for Larsen’s donations, saying that he “respects” his colleague’s right to financially back "whomever they think is best to lead the U.S.”
“We need to immediately change course from this administration’s misguided war on crypto,” he explained, pointing out that the current policy was untenable and unlikely to help the crypto industry in its quest for regulatory clarity.
“Ripple will continue to engage with both Democrats and Republicans in the final days of the campaigns (and after the election) to promote pro-crypto policies. It’s not about party lines; it’s about championing policies that drive blockchain and crypto innovation,” he added.