Ripple CEO Brad Garlinghouse has boldly declared that crypto voters will wield significant power in the upcoming U.S. elections—a first in the nation’s history. Garlinghouse is optimistic about the crypto industry’s prospects in the elections. Following Ripple’s recent legal victory against the SEC, Ripple executives are actively lobbying for crypto-friendly bills.
Bipartisan Crypto Lobbying Efforts
The crypto industry’s lobbying efforts span across party lines, with Ripple lawyers openly involved in drafting the bipartisan FIT21 bill.
Sheila Warren, CEO of the Crypto Council, revealed her group had been working on the bill’s provisions for years.
Garlinghouse and Blockchain Association CEO Smith announced an extensive lobbying campaign for pro-crypto regulations, showcasing bipartisan industry support.
The U.S. House passed a significant bill, a testament to the industry’s successful lobbying campaign.
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Ripple CEO Urges End to Anti-Crypto Sentiments
Brad Garlinghouse has called on Democrats, notably Elizabeth Warren, to abandon their “anti-crypto army” rhetoric and urge a bipartisan stance on keeping innovation in the U.S. Garlinghouse’s comments come weeks after he stated that the SEC would lose the long-term XRP case. He accused the SEC of creating a narrative that “Ripple is a bad actor.”
Crypto’s Growing Political Influence
Over the past four years, the crypto industry has strategically channelled at least $149 million to support pro-crypto regulations. This financial support, backed by industry leaders like Coinbase and Ripple, has influenced the regulatory landscape and led to the election of new allies to Congress. Lawmakers perceived potential threats to the industry as being defeated, further solidifying the industry’s political influence.
Lobby groups have helped shape the legislative approach of Republicans. The FIT21 crypto bill, approved by the House, shifts some crypto oversight from the SEC to the CFTC, which the crypto community views positively. Brad Garlinghouse noted the rising political influence of crypto. Democrats like Ro Khanna, Kirsten Gillibrand, and Richie Torres have received significant donations from the crypto industry.
In summary, the crypto industry is significantly influencing U.S. politics and regulations. With strategic lobbying efforts and growing political influence, Ripple’s Brad Garlinghouse is optimistic about the future of cryptocurrency in the U.S. elections. This development marks a pivotal moment for the industry, potentially shaping the regulatory landscape for years to come.
