The digital asset industry is set for a reboot regardless of the outcome of the November U.S. elections, according to Ripple CEO Brad Garlinghouse.
“There is progress ahead of us, and I’m certainly looking forward to it,” he told CNBC’s Tanya Machin on stage at DC Fintech Week 2024.
The entrepreneur called the current administration of President Joe Biden "hostile" to cryptocurrencies.
Much will depend on who replaces SEC Chairman Gary Gensler, who "led a reign of terror," and the heads of other regulators, he said.
"This will show where the market is going to go over the next four years. No matter what, we're going to be in a better place, and when we look back on this period of the relationship in the United States with cryptocurrencies, it's going to look like a speed bump," Garlinghouse said.
He noted that both presidential candidates have spoken out in support of the industry. Donald Trump did so “early and very aggressively,” while Kamala Harris is generally pro-tech, coming from Silicon Valley, the Ripple CEO added.
In the current regulatory environment, Garlinghouse advised crypto startups to consider registering outside the U.S. Garlinghouse said the industry is facing banking issues, and he himself has had his personal accounts closed due to his prominent role in the industry. He was given five days to withdraw his funds.
In an interview with CoinDesk, the head of Ripple admitted that he was talking about Citibank, where he had been a client for 25 years. The entrepreneur noted that the institution was open with him, stating that his ties to cryptocurrencies attract close attention from regulatory authorities.
Recall that BlackRock CEO Larry Fink expressed confidence that the prospects of the Bitcoin industry do not depend on who takes the seat in the White House.
