Ripple CEO Brad Garlinghouse Expects Crypto Reset, Will It Happen After US Elections?

• Garlinghouse highlighted personal challenges related to “de-banking” in the crypto industry, sharing that Citibank ended his 25-year banking relationship due to his involvement in crypto.
• He predicted the approval of a spot XRP ETF is inevitable, citing increasing institutional interest in crypto.

Ripple CEO Brad Garlinghouse is hopeful of a major crypto reset following the upcoming US elections, irrespective of who gets elected. Speaking at the 8th Annual Washington DC Fintech Week, the Ripple CEO said that he remains optimistic about the development of crypto regulations.

During his address yesterday, Garlinghouse stressed the need for a “reset” in the crypto space while pointing out the attitude of two Presidential candidates. Former President Donald Trump has initiated a very pro-crypto stand while promising to make America the crypto capital of the world. On the other hand, Vice President Kamala Harris has extended soft support and remained relatively quiet on crypto matters, reported CNF.

Garlinghouse believes that a new administration, regardless of its political affiliation, could drive the push for more favorable regulatory frameworks. He added:

It’ll be telling as to what the direction of travel is for the next four years. No matter what, we’re going to end up in a better place. When we look back on this period of time in the United States as it relates to crypto, it’s going to look like a speed bump.

Garlinghouse shared a personal experience to highlight the challenges of “de-banking” in the crypto industry. He revealed that Citibank ended its 25-year banking relationship with him due to his involvement in crypto. The abrupt closure forced him to transfer his funds within just five days, reflecting a broader issue faced by many in the crypto space.

Ripple CEO Garlinghouse Says XRP ETF Is Inevitable

Well, the Ripple CEO took the opportunity to predict that approval for the spot XRP ETF is inevitable and would be coming soon to the US market. As we know, the chorus for such an investment product is already growing as the Ripple vs SEC lawsuit is nearing its final settlement.

Earlier this month, Bitwise Asset Management Inc. became the first company to submit a filing with the SEC for an ETF that tracks XRP, the seventh-largest digital token globally. Soon after, Canary Capital Group, a digital asset-focused investment firm established in September, also filed for the launch of the Canary XRP ETF.

Brad Garlinghouse cited the success with spot Bitcoin ETFs after launching earlier this year in January. “$17 billion has flowed into the fastest growing ETF in history,” Garlinghouse said. “It clearly demonstrates that there’s demand from institutions and retail to access this asset class.”

According to Garlinghouse, the growing demand for crypto ETFs reflects a broader trend of increasing institutional involvement in the crypto industry. “This drives upward pressure on the prices of various cryptocurrencies, including XRP,” he noted.