Kamala Harris Finds Ally In Ripple CEO Amid Crypto Backlash

Ripple CEO Brad Garlinghouse wants United States Vice President Kamala Harris to be straightforward on crypto regulation. His comments follow a growing discussion concerning the administration’s digital currency policy and the VP’s withdrawal from Bitcoin Conference 2024.

Many crypto market fans hoped Harris will attend the meeting. They thought it showed her softening on digital currency. David Bailey, the CEO of the world’s biggest Bitcoin conference, disclosed that Harris has decided not to speak at the event.

Kamala Harris Under The Lens

In assessing presidential candidates, Garlinghouse has advocated a break from political bias. His comment followed the observations of Policy Director Justin Slaughter of Paradigm on the possible influence of US Vice President Kamala Harris should she run for president.

Jumping to conclusions and assumptions about candidates purely based on political affiliation without any policy proposals is holding the crypto industry back (similar to how tribalism has for years).

VP Harris is no stranger to Silicon Valley & has an incredible opportunity to… https://t.co/2kmKDZZXJe

— Brad Garlinghouse (@bgarlinghouse) July 24, 2024

Arguing that tribalism and political prejudice have hampered the growth of the crypto sector, Garlinghouse supports a focus on policy ideas instead of political ties.

The remarks of Garlinghouse capture the increasing attitude of crypto leaders who believe that political forces have dominated important policy debates.

“We have to evaluate candidates based on their policy pledges rather than only their party lines,” Garlinghouse said.

This point of view underscores the continuous discussion within the sector on how to negotiate the difficult political terrain that has been, of late, become more intertwined with cryptocurrency.

The Potential Impact Of Harris: A Two-Edged Sword

Slaughter’s most recent X post attracted notice for the major changes Kamala Harris would bring about should she be elected president.

Slaughter claims that Harris is ready to completely replace important national security positions, maybe firing present Biden’s political advisers. This suggested “reformat” has sparked questions over how it would affect US policy on important matters including regulation on Bitcoin and crypto as a whole.

Harris has been the nominee for about 12 hours & she’s already making clear core Biden national security advisors won’t be kept around for another term.

No one in the Biden Admin should be assumed to keep their jobs in a Harris Admin. Odds of a significant reset are growing. https://t.co/vigIDUccgI

— Justin Slaughter (@JBSDC) July 23, 2024

Garlinghouse’s reply to Slaughter’s evaluation exposes both hope and caution. Though he is concerned about Harris’s inclination towards a discourse like that of anti-crypto Senator Elizabeth Warren, he also notes Harris’ broad understanding of Silicon Valley.

This understanding could help to solve the legal obstacles the crypto sector encounters, Garlinghouse said.

Voters On Cryptocurrencies: A Changing Tide

Interestingly, many crypto aficionados have turned to Republican nominee Donald Trump as President Joe Biden’s government, headed by SEC Chair Gary Gensler, comes under fire for strict enforcement policies.

Voters who feel excluded by present rules have found resonance in Trump’s pledges of favorable measures for the crypto industry.

The effect on crypto voters is yet unknown as Harris’s candidature develops. The industry is totally focused on any legislative changes that would either encourage or discourage innovation.

Meanwhile, billionaire Mark Cuban thought Kamala Harris may take a more business-friendly approach to bitcoin and AI. Although not verified, Harris’s advisors say she may be more sympathetic to these enterprises than her prior policies.

All things considered, Garlinghouse’s support of a policy-oriented approach mirrors a larger movement among the crypto community for more complex political assessments. The argument on how best to help the sector among changing political environments develops as the US presidential election draws near.

Featured image from Getty Images, chart from TradingView