Gary Gensler’s ‘Reign of Terror’ in Crypto Ends Soon: Ripple CEO

Ripple chief executive Brad Garlinghouse has spoken about the impact the change in administration will have on the US crypto industry.

In an interview with Bloomberg on October 23, he said that Joe Biden’s approach to regulating the crypto industry is coming to an end, and that whatever happens in the presidential election, “we will have a more constructive engagement with the industry. ”

Garlinghouse repeated comments that the SEC chairman would soon be removed as head of the government’s crypto police.

“Gary Gensler’s reign of terror over the crypto industry is coming to an end.”

Republicans Are Better For Crypto

When asked which presidential candidate, Kamala Harris or Donald Trump, is better for crypto and Ripple, he said:

“I take a neutral point of view but for the crypto industry, it’s clear that Republicans at the macro level are more proactive in saying ‘this is an industry that needs clear regulation.’”

However, he also said that there are indications the Harris campaign wants to reset some of the “very flawed approaches” the Biden administration has taken toward the crypto industry.

The tech entrepreneur is confident that change is coming, and stated that the US needs to catch up with other countries leading the charge on crypto regulation.

Ripple CEO Brad Garlinghouse says there are indications the Harris campaign wants to reset “some of the deeply flawed approaches the Biden administration is taking to the crypto industry” https://t.co/Efl7SJNdxW pic.twitter.com/vM8AEYcSfd

— Bloomberg Crypto (@crypto) October 23, 2024

Regarding the potential for an XRP exchange-traded fund, he said that interest in the asset had been growing, and added that it was “inevitable” that the asset would be offered as an ETF. This will create “upward pressure on the prices of many different cryptocurrencies, including XRP,” he added.

XRP price was flat today, trading at $0.53 at time of writing, after losing more than 5% over the past week.

The CEO who doesn’t have a bank account

Speaking at DC Fintech Week on Oct. 23, Garlinghouse said he was “released from his bank account” by Citigroup after 25 years and given five days to move his money. The bank cited its prominence in crypto as the reason, claiming increased regulatory scrutiny of the industry, he said.

The government has been pressuring banks to limit their involvement with the crypto industry as part of an ongoing war led by members of the Senate Banking Committee such as Elizabeth Warren and SEC chairman Gary Gensler.

Garlinghouse also endorsed Republican John Deaton in his campaign to win the seat representing Massachusetts and oust incumbent Warren, who has held the seat since 2013.