The SEC Is Moving the US in the Wrong Direction: Ripple’s CEO

• Notable crypto entities, including Ripple and Coinbase, actively support the campaign.
• Three political action committees, backed by crypto executives and investors, have raised $78 million.
• Ripple’s CEO leads a concerted effort to support pro-crypto candidates in the upcoming 2024 U.S. election cycle.

Ripple’s CEO, Brad Garlinghouse, has expressed the team’s commitment to supporting candidates with a pro-innovation and pro-crypto stance in the upcoming 2024 U.S. election cycle.

Garlinghouse’s statement comes in response to recent news revealing that three political action committees, backed by crypto executives and investors, have successfully raised $78 million .

“The U.S. cannot afford to continue taking a back seat on the global stage,” said Garlinghouse. Ripple’s CEO claimed that the regulatory overreach is harming the crypto industry in the U.S. 

Garlinghouse stated that the U.S. Securities and Exchange Commission is moving the country in the “wrong direction.” Moreover, Garlinghouse added that other countries took “full advantage of the lack of U.S. leadership.”

The campaign supporting these political action committees has garnered widespread backing from prominent figures in the crypto sphere, including crypto exchange Coinbase. The head of U.S. policy at Coinbase remarked, “This is demonstrating a very serious commitment from the crypto industry to engage in the 2024 elections.”

Coinbase CEO Brian Armstrong recently expressed anticipation for changes in the U.S. crypto regulatory landscape post the 2024 elections. Armstrong envisions Coinbase obtaining licenses and regulations from the Commodity Futures Trading Commission (CFTC) and the SEC, emphasizing the exchange’s commitment to the U.S. market.

Furthermore, Garlinghouse claimed that the crypto industry needs advanced leaders who will champion innovation and spearhead paths toward responsible regulation. “2024 is the time to go back to first principles by encouraging initiatives to promote transparency, innovation, and a compliance-first approach,” concluded Garlinghouse.