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Ripple CEO Brad Garlinghouse has spoken supportively of Kamala Harris and the Democrats' approach to crypto while revealing that crypto holders are being debanked.
Appearing onstage at DC Fintech Week, Garlinghouse complimented Harris's newfound approach to crypto.
“Obviously, Trump came out early and very aggressively… and said he’s the crypto president,” Garlinghouse said. “Kamala and Team Harris have been more nuanced.”
Last week, Harris pledged to help Black Americans - 20% of whom own or have owned cryptocurrency - and to establish a crypto regulatory framework. Garlinghosue described the approach as "most constructive."
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Garlinghouse had previously been openly critical of the SEC and Gary Gensler, who Trump pledged to fire if he were to be elected.
"Gensler's SEC has repeatedly acted outside the law," Garlinghouse tweeted earlier this year.
Gensler’s SEC has repeatedly acted outside the law – not going unnoticed by Judges admonishing the agency for a "gross abuse of the power entrusted to it by Congress" (DEBT Box case) and for acting without "faithful allegiance to the law" (Ripple case). Let’s not also forget… https://t.co/vay6WDBfJc
— Brad Garlinghouse (@bgarlinghouse) March 25, 2024
Nonetheless, Garlinghouse believes that crypto will be "reset" no matter who is elected President next month.
“I think no matter what happens, we’re going to see a reset, we’re going to see forward progress,” Garlinghouse said. “No matter what happens, we’re going to leave behind a failed approach from the Biden Administration.”
Garlinghouse's comments come as Ripple co-founder, Chris Larsen, donated $10 million worth of XRP to Harris's election campaign.
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Larsen formally backed Harris last month after joining 88 other executives including 21st Century Fox CEO James Murdoch and Snap chairman Michael Lynton in a joint letter, which said, “The best way to support the continued strength, security, and reliability of our democracy and economy” is by electing Harris as president.
Harris would “continue to advance fair and predictable policies that support the rule of law, stability, and a sound business environment” if she were president, the letter said.
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Garlinghouse also told the DC Fintech Week audience that he had been cut off from a banking institution. "Individuals within the crypto industry are being de-banked," he revealed. "I personally have been de-banked."
He then told CoinDesk that the bank he was referring to was Citigroup, of which he'd been a customer for 25 years.
"They said, 'You have five days to move your money," he said. "They were actually super honest. They're like, 'Look, you are a notable person in crypto, and having notable people in crypto, and banking the crypto industry means more scrutiny from federal regulators."
