🚀 Stay Ahead with AltcoinDaily.co! 🌐
Ripple Labs CEO Brad Garlinghouse reflected on Ripple’s regulatory strategy, acknowledging that the company should have engaged more proactively with U.S. regulators. Speaking at DC Fintech Week on Oct. 23, Garlinghouse expressed regret over Ripple’s delayed efforts to work with lawmakers.
“I look back on that, and I regret that. I think we made a mistake by not leaning in earlier,” he admitted. As Ripple battles the U.S. Securities and Exchange Commission (SEC), Garlinghouse shared that he’s made more trips to Washington in recent years, hoping to recover lost ground.
Ripple has been embroiled in a high-profile legal dispute with the SEC, which claims the company sold its XRP token as an unregistered security to institutional investors. Earlier this year, a judge ruled in favor of the SEC regarding institutional sales, while retail sales of XRP were not classified as securities. Further, the SEC has appealed the ruling.
🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰
Garlinghouse took aim at SEC Chair Gary Gensler, blaming his “reign of terror” for stalling U.S. crypto regulation and accusing Senator Elizabeth Warren of “spreading misinformation” about the industry.
Ripple’s Efforts to Shape U.S. Crypto Policy
Garlinghouse stated that part of Ripple’s revised approach involves educating lawmakers and the public about the serious nature of the crypto industry. He also pointed out that scandals like Sam Bankman-Fried’s FTX collapse harmed Ripple’s reputation, setting back efforts to gain regulatory approval.
Despite these setbacks, Ripple has been politically active, contributing nearly $50 million to the pro-crypto FairShake PAC, which supports candidates from both parties. Co-founder Chris Larsen also donated $10 million to a PAC backing Democratic presidential candidate Kamala Harris.
🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀
Garlinghouse expressed frustration with the U.S. lagging behind other countries in crypto regulation. He explained that Ripple is actively trying to change the perception of the industry and that education will be key to establishing better regulatory frameworks.
XRP ETF Seen as Inevitable
In a separate interview with Bloomberg, Garlinghouse was bullish on the prospects of an XRP exchange-traded fund (ETF) in the U.S. He highlighted the growing interest in crypto ETFs, noting that over $21 billion has flowed into spot Bitcoin ETFs since January.
“It’s just inevitable,” Garlinghouse said, referencing the recent filings for XRP ETFs by Bitwise and Canary Capital. He believes that XRP has a strong and active community, which would drive interest in an ETF. Additionally, Garlinghouse noted that more institutional participation in crypto would likely lead to upward price pressure for XRP and other digital assets.
