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Ripple CEO Garlinghouse Assures Crypto’s Win in Elections and XRP Lawsuit – Crypto News

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1 year ago

May 28, 2024

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Ripple CEO Brad Garlinghouse is highly confident about the crypto industry’s win in the US elections this year as “for the first time in US history, crypto voters will be a significant force in this year’s elections.” The moves come as executives from the US crypto industry lobby for pro-crypto bills and Ripple CEO talked about its win in the Ripple vs SEC lawsuit recently.

Moreover, many cryptocurrency lobbyists and lawyers acknowledge they were closely involved in helping to draft FIT21 crypto bill. Sheila Warren, chief executive of the Crypto Council for Innovation, said this week that her group worked on some of the provisions “a year-and-a-half, or two years ago.”

Ripple CEO and Other Executives Lobby for Pro-Crypto Regulations

Ripple CEO Brad Garlinghouse and Blockchain Association’s chief executive Kristin Smith revealed an expensive lobbying campaign in this election year for pro-crypto regulations. The strategy culminated last week with the U.S. House passage of a bill backed and drafted by the crypto industry.

Brad Garlinghouse again asked Democrats to abandon Elizabeth Warren’s “anti-crypto army” rhetoric and take a bipartisan stance on keeping innovation in the United States.

“Dems – it’s not too late to abandon Elizabeth Warren’s “anti-crypto army” rhetoric and take a bipartisan stance with your GOP colleagues on innovation – it should never have been political in the first place.”

Garlinghouse comments came weeks after he stated that the SEC is going to lose the Ripple vs SEC case in the long run despite appeals and other arguments. He said the SEC has been trying to settle the lawsuit to “create a narrative that Ripple’s been a bad actor.”

Also Read: XRP Max Pain Price Hints At Strong Buying This Week

Crypto Elections in the United States?

Crypto companies and investors have strategically used at least $149 million over the past four years for pro-crypto regulation backed by leaders such as Coinbase and Ripple. They even elected new allies to Congress and defeated lawmakers seen as potential threats.

Coinbase, Ripple and lobbying groups like the Blockchain Association and the Crypto Council for Innovation helped House Republicans devise the legislative approach. The FIT21 crypto bill was passed by the House to shift some crypto oversight from the SEC to the CFTC.

Brad Garlinghouse said crypto ramped up politically to “provide a perspective about all the constructive, positive things about this industry.” Democrats such as Ro Khanna, Kirsten Gillibrand and Richie Torres are top democrats with massive donations from crypto industry.

Also Read: Bitcoin & Ethereum Record $1.36 Bln Inflow Amid ETF Optimism, Prices To Rally?

Judge Torres Ruling in FIT21

CoinGape earlier reported that a section in the crypto bill is similar to what Judge Torres ruled that XRP is not itself a security. The bill crypto excludes claims that an investment contract asset is a security.

“A digital asset sold or transferred or intended to be sold or transferred pursuant to an investment contract is not and does not become a security as a result of being sold or otherwise transferred pursuant to that investment contract,” it reads.

XRP price fell 2% in the past 24 hours, with the price currently trading at $0.528. The 24-hour low and high are $0.521 and $0.539, respectively. However, the trading volume has increased by 25% in the last 24 hours.

Also Read: Mt. Gox Denies $10B Bitcoin & Bitcoin Cash Selloff For Repayment