Ahead of the 2024 U.S. general election early next month, top crypto executives, led by Ripple CEO Brad Garlinghouse, have expressed their willingness to work with the next government to streamline the inevitable mainstream adoption of digital assets and web3 protocols. Speaking at the DC Fintech Week, Garlinghouse recounted several issues that the crypto industry must deal with to grow to the next level.
Government Pressure on Banks Regarding Crypto Market
In an interview with crypto reporters, Garlinghouse said that Citigroup Inc., a major bank in the United States, opted to cut him loose as a customer due to his affiliation with the cryptocurrency market after 25 years of being a client.
“They said, ‘You have five days to move your money. They were actually super honest. They’re like, ‘Look, you are a notable person in crypto, and having notable people in crypto, and banking the crypto industry means more scrutiny from federal regulators,” Garlinghouse said.
Next Phase
According to Garlinghouse, the Biden administration through SEC Chair Gary Gensler has led a reign of terror to the crypto market. Gensler noted that the US agencies have remained hostile to the crypto industry despite the rising demand from both retail and institutional investors.
Nevertheless, Garlinghouse highlighted that the future of crypto remains bright no matter what happens on November 5th. However, he noted that the crypto space should be concerned about who the next President appoints as the SEC Chair, treasury, OCC, and Commodity Futures Trading Commission heads.
Already, Ripple is a committed contributor to the Fairshake political action, despite opting to remain neutral in the presidential race. Meanwhile, Ripple co-founder and executive chairman Chris Larsen recently donated $10 million to the Kamala Harris campaign, despite her administration ostensibly reigning terror to the XRP investors.
When Will XRP Bottom Out?
Due to the ongoing legal case between the US SEC and Ripple, the XRP price has suffered low bullish momentum. Against the Bitcoin pair, the XRP price has continued to bleed, and could soon drop below crucial multi-year support level.
From a technical analysis standpoint, XRP price must defend the support range between $0.5 and $0.52 in the coming weeks to invalidate potential selloff towards 40 cents.
