Gary Gensler’s ‘Reign of Terror’ on Crypto Ending Soon: Ripple CEO

Ripple chief executive Brad Garlinghouse has spoken out about the impacts of a change in administration on the US crypto industry.

In an interview with Bloomberg on Oct. 23, he said that Joe Biden’s approach to regulating the crypto industry is coming to an end, and no matter what happens in the presidential election, “we’ll have a more constructive engagement with this industry.”

Garlinghouse reiterated comments that the SEC chair would soon be dethroned as the government’s head crypto cop.

“Gary Gensler’s reign of terror on the crypto industry is going to come to an end very soon.”

Republicans Better For Crypto

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

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

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

The tech entrepreneur was confident that change was coming, stating that the US needs to catch up with other countries leading the way on crypto regulations.

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

— Bloomberg Crypto (@crypto) October 23, 2024

Regarding a potential spot XRP exchange-traded fund, he said that interest has grown in the asset, adding that it is “inevitable” that it will be offered as an ETF. This would create “upward pressure for the prices for many different cryptos, including XRP,” he added.

XRP prices were flat on the day, trading at $0.53 at the time of writing, having lost more than 5% over the past week.

CEO De-banked

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

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

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