Brad Garlinghouse, the CEO of Ripple, recently discussed the challenges of “de-banking” in the crypto industry and shared his personal experience of Citibank ending his 25-year banking relationship due to his involvement in crypto. Despite this setback, he remains optimistic about the future of crypto and predicts that the approval of a spot XRP ETF is inevitable, citing increasing institutional interest in the crypto space.
Speaking at the 8th Annual Washington DC Fintech Week, Garlinghouse expressed hope for a major crypto reset following the US elections, regardless of who gets elected. He emphasized the need for a “reset” in the crypto industry and highlighted the differing attitudes of the two Presidential candidates. While former President Donald Trump has shown support for crypto and promised to make America the crypto capital of the world, Vice President Kamala Harris has remained relatively quiet on the matter.
Garlinghouse believes that regardless of the political affiliation of the new administration, there will be a push for more favorable regulatory frameworks for crypto. He stated that no matter what, the United States will end up in a better place when looking back on this period of time in relation to crypto.
Garlinghouse also discussed the challenges of “de-banking” in the crypto industry, sharing his personal experience of Citibank ending his banking relationship. The sudden closure forced him to transfer his funds within a short period of time, highlighting a broader issue faced by many in the crypto space.
On the topic of XRP ETFs, Garlinghouse predicted their inevitable approval and their arrival in the US market. He pointed out the growing demand for such investment products and cited the success of spot Bitcoin ETFs launched earlier this year. Garlinghouse believes that the increasing institutional involvement in the crypto industry will drive upward pressure on the prices of various cryptocurrencies, including XRP.
In conclusion, Garlinghouse remains optimistic about the future of crypto and expects positive developments in regulation and the approval of XRP ETFs. He believes that the crypto industry will overcome its challenges and continue to grow, regardless of the political landscape.