Ripple CEO Brad Garlinghouse said there’s a massive shift in DC’s crypto perspective, and regulations could catalyze an inevitable stablecoin market boom.
Speaking at Consensus 2024, Garlinghouse stressed crypto’s impact on the upcoming elections to decide the next U.S. President. Per the Ripple CEO, bipartisan candidates are changing tunes about the industry as digital asset ETFs have made a splash on Wall Street and adoption sweeps the nation.
Republican nominee Donald Trump said his regime would support crypto innovation. However, his candidacy remains contentious after he was found guilty today of 34 counts of document forgery.
BREAKING: Donald Trump found guilty on all 34 counts of falsifying business documents in New York pic.twitter.com/Yq8LWihvRx
— MSNBC (@MSNBC) May 30, 2024
Conversely, the office of incumbent President Joe Biden suggested an openness to negotiate digital asset policies in a response objecting to FIT21, despite clear support for the crypto bill by Democrats like Senator majority leader Chuck Schumer.
“I think we understate how significant some of these shifting winds are,” said Ripple’s CEO.
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Ripple’s stablecoin
Regarding stablecoins, Garlinghouse noted that the current $150 billion market could grow 10 to 20 times into a multi-trillion ecosystem in the next five years.
The XRP issuer is developing a stablecoin to compete against market giants like Tether (USDT) and Circle USD Coin (USDC). Still, Garlinghouse emphasized that opportunities abound for “all boats to rise.”
Hyperspeculation, maximalism hurts the industry
Looking ahead, Garlinghouse said it’s time for crypto and its participants to show more camaraderie rather than pit blockchains and protocols against each other.
The Ripple boss referred to some maximalist opinion pieces focused on Solana (SOL) to highlight, in his view, “hate-filled rants” against market players at a time when industry voices should band together to support widespread crypto innovation.
Garlinghouse added that substance over speculation should be the industry’s calling card, noting that memecoins like Dogecoin (DOGE) have not been good for the industry.
You might also like: Ripple CLO Stuart Alderoty calls SEC’s Gensler ‘struggling political liability’
SEC debacle and inevitable ETF parlor
Furthermore, Garlinghouse opined that Ripple’s legal rumble with the U.S. SEC and subsequent enforcement actions exposed the commission’s supposed hypocrisy, as SEC Chair Gary Gensler insists that clear rules exist but refuses to clarify if tokens like Ethereum (ETH) count as securities.
Gensler overplayed his hand. He thought crypto was an easy target. He relished being the guy that everyone loved to hate. He thought he was above Congressional oversight. That’s all gone. He’s now a struggling political liability. https://t.co/Uy6Mwed6hJ
— Stuart Alderoty (@s_alderoty) May 22, 2024
Galaxy Digital CEO Mike Novogratz shared similar remarks during a separate Consensus panel, saying that the SEC failed its duty to protect American investors and added, “Gary Gensler’s time at the SEC is being measured in months, not years.”
Garlinghouse expects crypto lobbying through super PACs like Fairshake to bootstrap pro-innovation policies and directly pave the way for several ETFs underpinned by digital assets like XRP, SOL, and Cardano (ADA).
The company has donated $50 million to Fairshake in the last year, and Garlinghouse said Ripple will likely pledge another $25 million by 2025 to support crypto lobbying.
Read more: Consensus 2024: A16z Crypto boss confirms $25m lobbying donation
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