- Ripple CEO Brad Garlinghouse expressed confidence in crypto’s victory in the upcoming US elections, drawing parallels to their optimism in the ongoing XRP lawsuit against the SEC.
- Crypto lobbyists and lawyers have played a significant role in drafting the FIT21 crypto bill, showcasing the industry’s proactive stance on regulation.
- Notable Democrats, including Ro Khanna, Kirsten Gillibrand, and Richie Torres, have received substantial donations from the crypto industry, highlighting the sector’s influence in politics.
Ripple CEO Brad Garlinghouse is optimistic about crypto’s future in US politics and the Ripple vs SEC lawsuit, emphasizing the industry’s growing influence.
Ripple CEO and Other Executives Lobby for Pro-Crypto Regulations
Ripple CEO Brad Garlinghouse and Blockchain Association’s chief executive Kristin Smith have revealed a significant lobbying campaign aimed at promoting pro-crypto regulations. This effort culminated recently with the U.S. House passing a bill that was both backed and drafted by the crypto industry. Garlinghouse has urged Democrats to abandon Elizabeth Warren’s “anti-crypto army” rhetoric and adopt a bipartisan approach to foster innovation within the United States.
Crypto Lobbyists’ Role in Drafting FIT21 Bill
Many cryptocurrency lobbyists and lawyers have acknowledged their involvement in drafting the FIT21 crypto bill. Sheila Warren, chief executive of the Crypto Council for Innovation, mentioned that her group had been working on some of the bill’s provisions for over a year and a half. This proactive approach underscores the industry’s commitment to shaping favorable regulatory frameworks.
Crypto Elections in the United States?
Over the past four years, crypto companies and investors have strategically invested at least $149 million to support pro-crypto regulations. This financial backing has helped elect new allies to Congress and defeat lawmakers perceived as threats to the industry. Major players like Coinbase and Ripple have been at the forefront of these efforts, working closely with lobbying groups such as the Blockchain Association and the Crypto Council for Innovation.
Judge Torres’ Ruling in FIT21
A section of the FIT21 crypto bill aligns with Judge Torres’ ruling that XRP is not a security. The bill explicitly states that a digital asset sold or transferred under an investment contract does not become a security as a result of that transaction. This provision is seen as a significant win for the crypto industry, providing clarity and reducing regulatory uncertainty.
Conclusion
In summary, the crypto industry is making significant strides in both the political and regulatory arenas. With substantial lobbying efforts and strategic financial investments, key players like Ripple and Coinbase are shaping a more favorable environment for digital assets. The outcome of the Ripple vs SEC lawsuit and the upcoming US elections will be pivotal in determining the future trajectory of the crypto sector. As the industry continues to grow and evolve, its influence on policy and regulation is likely to increase, paving the way for broader acceptance and integration of cryptocurrencies.
