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Brad Garlinghouse on Cryptocurrency’s Impact on US Elections: “Candidates Will Only Gain Votes For Being Pro-Crypto”

Last Updated June 18, 2024 12:37 PM
Teuta Franjkovic
Last Updated June 18, 2024 12:37 PM

Key Takeaways

  • Garlinghouse predicts a rise in pro-crypto funding, underscoring crypto’s growing impact in US political sector.
  • Pro-crypto funding, now substantial in the political arena, is shaping US electoral dynamics and policy debates.
  • Crypto advocacy by leaders is influencing US elections, with a focus on gaining support through pro-crypto policies.

Ripple CEO Brad Garlinghouse’s recent remarks  about the US Presidential Election have sparked significant debate.

He noted an expected surge in pro-crypto funding soon, and his comments have heightened discussions on how cryptocurrency advocacy might impact US politics.

Ripple CEO Pushes for Crypto-Friendly Policies in US Elections

In a recent X post , Brad Garlinghouse, a prominent crypto and blockchain technology advocate, emphasized that political candidates will increasingly align with pro-crypto positions to secure votes.

He mentioned that candidates stand to gain votes by supporting crypto and risk losing them by opposing it, highlighting that advocating for clear regulations in one of the US’s fastest-growing industries has no downside.

The remarks highlight the increasing influence of cryptocurrency in American politics. Pro-crypto organizations and investors have contributed approximately $150 million  to campaigns over the past four years. This funding has supported pro-crypto regulation initiatives, assisted in electing new congressional allies, and targeted lawmakers seen as detrimental to the digital asset industry.
Industry giants such as Coinbase and Ripple have been leading the charge in advocating for favorable regulatory environments. Their efforts highlight the significant role that digital assets and blockchain technology are expected to play in the upcoming election cycle, potentially influencing voter sentiment and shaping policy decisions.

Crypto’s Influence on US Elections Grows

The influence of cryptocurrency on US politics is becoming more pronounced. Erin Griffith, a journalist based in New York, discussed this trend in a recent article , highlighting how cryptocurrency funding is reshaping electoral dynamics.

In a post on X , she pointed out that while $150 million may not seem substantial in the crypto industry, it represents a significant amount in the political arena. This highlights the substantial impact that even modest contributions from the crypto sector can have on political campaigns.

Additionally, Garlinghouse’s support for cryptocurrency is well-documented, especially considering the company’s ongoing legal disputes with the US Securities and Exchange Commission (SEC). Ripple has consistently pushed for clearer regulatory guidelines, arguing that the current regulations hinder innovation and growth in the digital asset field.

Garlinghouse’s Push and ‘Trump Coin’- Key Factors in Election Dynamics

This advocacy is increasingly extending into the political arena, where pro-crypto funding is set to play a crucial role in shaping policy and regulatory frameworks.

Garlinghouse suggested that candidates who support digital assets and advocate for clear crypto regulations are likely to receive significant backing from the crypto community. Conversely, those who oppose or aim to over-regulate the industry could face considerable opposition, which might negatively affect their chances in elections.

However, recently he expressed skepticism  about significant crypto legislation being passed in the US before the presidential election in November. Despite noting a softening stance on crypto from the Biden Administration, Garlinghouse believes that substantial regulatory developments are unlikely to occur before 2025.

Amid the presidential election cycle and political donations, there’s growing buzz about a “Trump Coin” on the Solana blockchain, reportedly linked to former President Donald Trump. This development aims to leverage Trump’s influence to attract tech-savvy supporters. The approach mirrors other political-themed coins that target digitally engaged audiences.

With the global cryptocurrency market valued at approximately $2.5 trillion, the emergence of the “Trump Coin” also highlights the increasing role of digital currencies in crafting political strategies and potentially influencing voter sentiment in forthcoming elections.

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