In a roundtable conference hosted by Democratic Congressman Ro Khanna on Wednesday, July 10, 2024, Ripple CEO Brad Garlinghouse took a strong stance on the future of crypto regulation in the United States. The meeting, aimed at discussing a regulatory framework, was attended by prominent figures including Mark Cuban, Paul Grewal of Coinbase, and Dante Disparte of Circle. Key political figures such as Senator Kirsten Gillibrand and Congressman Joe Neguse also participated, underscoring the importance of the discussion.
Garlinghouse did not hold back in his criticism of SEC Chairman Gary Gensler, labeling him a Luddite for his perceived resistance to new technology. He lamented the continued support Gensler receives from the majority of Democrats, describing their stance as an unlawful war against crypto. While this was not the first time Garlinghouse has expressed his dissatisfaction with the SEC’s approach, his comments at this meeting were particularly sharp.
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Moving Towards Robust Crypto Regulation
Following the meeting, Congressman Khanna expressed optimism, emphasizing that the discussions marked a step towards creating robust regulations that respect crypto rights. Despite this positive outlook, many crypto enthusiasts remain skeptical about the Democrats’ willingness to fully support the crypto industry.
According to Coinpedia, Garlinghouse praised Khanna’s efforts in a Twitter post, calling the congressman an exceptional leader for his engagement with the crypto sector. Garlinghouse reiterated his concerns about the Democrats’ rejection of crypto, noting that this stance has prompted Republicans to adopt a more pro-crypto position.
With the upcoming US elections, the potential for a change in administration could end Gensler’s term and his enforcement-focused regulatory approach. Such a shift could create a more favorable environment for the crypto industry, sparking hope among XRP supporters and other crypto enthusiasts.
Praise for Congressman Ro Khanna
The roundtable attracted significant attention on social media, with Garlinghouse publicly acknowledging Khanna’s efforts. Influential figures and political leaders who attended the meeting viewed it as a productive step forward, despite lingering skepticism about the Democrats’ stance on crypto.
The roundtable came at a crucial time for Ripple, which has been embroiled in a legal battle with the SEC for nearly four years. Recently, Ripple filed a Notice of Additional Authority in its case, aiming to influence the court’s decision by using the precedent set in the Binance ruling. However, the SEC argued that these cases are not comparable, adding another layer of complexity to the ongoing dispute.
Potential Revival for Ripple
XRP supporters believe that the upcoming US elections could significantly impact crypto regulation. A crypto-friendly administration could implement favorable policies, benefiting the entire crypto space. This potential political shift is eagerly anticipated by those invested in XRP and the broader crypto market.
Currently, XRP is trading around US$0,44848. Technical analysis on the 4-hour chart shows that the 100-day moving average (MA) acts as major resistance at US$0.46, while the 20-day and 50-day MAs provide support. To regain its upward trajectory, XRP needs to break through this resistance and surpass the US$0.55 mark. XRP’s recent decline, following a sudden 32 percent drop in April, highlights the volatility and challenges faced by cryptocurrencies.
The roundtable discussion hosted by Congressman Ro Khanna represents a pivotal moment in the ongoing debate over crypto regulation in the United States. Brad Garlinghouse vocal criticism of SEC Chairman Gary Gensler and the broader Democratic stance underscores the tensions within the industry.
As the US approaches its next election cycle, the future of crypto regulation remains uncertain, with potential changes that could either bolster or hinder the growth of the crypto market. For now, the crypto community watches closely, hopeful that a shift in political climate could pave the way for a more supportive regulatory environment.