Ripple’s CEO, Brad Garlinghouse, recently voiced strong opinions at a pivotal crypto roundtable. Organized by Democratic Congressman Ro Khanna, this Wednesday meeting aimed to discuss the future of cryptocurrency regulations in the U.S. Attendees included prominent figures like Mark Cuban, Paul Grewal from Coinbase, and Dante Disparte from Circle.
Key political leaders such as Senator Kirsten Gillibrand and Congressman Joe Neguse were also present.
Here’s all there is to know about this new development.
Garlinghouse did not mince words in his criticism of SEC Chairman Gary Gensler. He lamented that many Democrats continue to support what he called Gensler’s “unlawful war on crypto.” Garlinghouse even labeled Gensler a “Luddite,” a term for those resistant to new technology. This was not the first time Garlinghouse has expressed his frustration with the SEC’s stance, previously calling it an “unlawful war on crypto.”
Following the meeting, Congressman Khanna shared his thoughts, emphasizing that the discussion was a step toward creating robust crypto regulations. Despite his optimism, many crypto enthusiasts remain skeptical about the Democrats’ full support for cryptocurrency.
Garlinghouse echoed this sentiment, noting that Democratic resistance to crypto has led the Republican Party to adopt a more pro-crypto stance. With the upcoming U.S. elections on the horizon, a change in administration could potentially end Gensler’s term and his enforcement-heavy regulatory approach, creating a more favorable environment for the crypto industry.
In a Twitter post, Garlinghouse praised Khanna’s efforts, calling him an exceptional leader for engaging with the crypto industry. Influential figures and political leaders see this meeting as a necessary and productive step forward, though skepticism about the Democrats’ stance on crypto persists.
Understanding the Ripple vs SEC Case
This roundtable comes at a crucial time for Ripple and the broader crypto world. Ripple has been in a legal battle with the SEC for nearly four years. Recently, Ripple filed a Notice of Supplementary Authority in its case, hoping to influence the court’s decision using the precedent set in the Binance ruling. However, the SEC argued that Ripple’s case and the Binance case were not similar.
XRP supporters believe the upcoming U.S. elections could significantly impact crypto regulations. A crypto-friendly administration could introduce favorable policies, benefiting the entire crypto space. XRP is currently trading at $0.44848. On the 4-hour chart, the 100 moving average serves as key resistance at $0.46, while the 20 and 50 moving averages support the price.
To regain its rising channel, XRP needs to break the resistance and cross the $0.55 mark. XRP experienced a 32% drop after its rise back in April.
Crypto enthusiasts are seeking regulatory support, and efforts towards crypto, combined with potential changes in the U.S. political environment, could significantly impact XRP’s future. A favorable regulatory environment could lead to a surge in XRP’s price and offer substantial growth opportunities for investors.
Read Also: SEC Eases Crypto Reporting Requirements: How Banks and Brokerages Can Benefit
Will a shift in government policy be the key to unlocking XRP’s true potential? Join the conversation!
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