In his critique, Brad Garlinghouse labels SEC Chair Gensler a “Luddite,” hindering crypto innovation.
While receiving positive feedback, doubts linger about Democrats fully embracing cryptocurrency regulation.
XRP saw a 0.85% increase on July 10 amidst Ripple’s escalating legal conflict with the SEC. A court verdict is expected soon.
Ripple Labs Inc . CEO Brad Garlinghouse participated in a debate on cryptocurrency regulation organized by Democratic Congressman Ro Khanna. It assembled representatives of government and influential people, including Mark Cuban, to discuss how US law regulates cryptocurrency.
With confidence in the meeting’s potential influence, Ro Khanna thinks it will open the door for a strong regulatory framework pertaining to cryptocurrencies. In an appreciation post on X (previously Twitter), Garlinghouse called Khanna a remarkable leader who is dedicated to interacting with the cryptocurrency community. He attested to the attendance of Circle’s Chief Strategy Officer Dante Disparte, Coinbase CLO Paul Grewal, and Cuban. The conversation was also attended by important members of Congress and White House officials, such as Senator Kirsten Gillibrand and Assistant Democratic Leader Joe Neguse.
Thank you to @RoKhanna for being an exceptional leader and engaging with the crypto industry. This morning’s crypto roundtable, bringing together folks like @mcuban, @iampaulgrewal, @ddisparte, etc with the White House and key congressional leaders such as @SenGillibrand and…
— Brad Garlinghouse (@bgarlinghouse) July 10, 2024
Skepticism and Criticism
According to Eleanor Terrett of Fox Business, Anita Dunn, the president’s senior advisor, attended the meeting for around sixty minutes. Terrett emphasized the favorable first responses, characterizing the gathering as a “productive step forward.” Many cryptocurrency fans, meanwhile, are still pessimistic, thinking that Democrats are not yet prepared to fully accept cryptocurrencies.
In line with this opinion, Garlinghouse criticized the Democratic Party for endorsing SEC Chair Gary Gensler’s attempts to control the cryptocurrency market. Claiming that Gensler was undermining American innovation, he applauded the GOP’s position on crypto. For opposing cryptocurrencies, Gensler was called a “Luddite of his time” by Garlinghouse.
The political divide on crypto is evident in the campaign efforts of presidential candidates. Republican nominee Donald Trump has promised to support crypto companies, while President Joe Biden has nominated anti-crypto Democrat Caroline Crenshaw for a second term as SEC Commissioner. Despite the participation of some Democrats in Khanna’s meeting, many Americans doubt a shift in their stance on crypto.
XRP’s Market Performance
Financially speaking, on Wednesday, July 10, XRP witnessed a slight increase of 0.85% after ending at $0.4392 on Tuesday, July 9, with a gain of 0.97%. The major focus is still the continuing legal dispute between Ripple and the SEC. To bolster its argument against the SEC, Ripple has filed a Notice of Supplementary Authority citing the SEC v. Binance verdict. In response, the SEC stated that the Binance decision was unimportant.
Pro-crypto lawyer Fred Rispoli predicted a court verdict in the SEC vs. Ripple case by July 13. As the crypto market awaits the ruling, it remains business as usual for US lawmakers and the digital asset space.
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