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Ripple CEO Brad Garlinghouse weighed in on Tesla CEO Elon Musk’s recent comments regarding the potential role of XRP in financial institutions.
Garlinghouse’s remarks were made on Monday, October 21, in response to questions at a Trump campaign rally last week. During the rally, someone in the audience asked if Musk thought the XRP ledger would be adopted by financial institutions in the future.
Musk responded, “This is in no way an endorsement or disapproval of XRP, but I think cryptocurrencies by their very nature lend themselves to individual freedom.”
In response, Garlinghouse emphasized the growing importance of cryptocurrencies in the political arena, saying, “Voters care about cryptocurrencies, they care about XRP. It’s not a niche issue. They want real policies that promote innovation and create jobs. Candidates who ignore cryptocurrencies and blockchain risk losing significant support from a growing base of informed voters. ” His comments highlight the important role cryptocurrencies are expected to play as the United States approaches the 2024 presidential election.
Musk’s mention of XRP comes at a time when Ripple is facing significant challenges, particularly a lengthy lawsuit from the SEC alleging that Ripple’s XRP sales, which began in December 2020, constituted an unregistered securities offering. It was done. Although Ripple achieved a partial victory in federal court, the SEC is seeking appellate review, prolonging the uncertainty surrounding Ripple and the cryptocurrency market as a whole.
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Garlinghouse’s comments carry even more weight given the scrutiny Ripple is receiving over its funding to the Biden administration. On Monday, Ripple co-founder Chris Larsen made headlines for donating $10 million worth of XRP to the Future Forward USA PAC, which supports Vice President Kamala Harris. The donation has raised eyebrows within the crypto community, especially since the Biden administration has been criticized for its hardline stance on crypto regulation.
Despite the apparent contradiction, Larsen defended his contributions and emphasized the need for Democrats to adapt their approach to innovation, especially in the area of cryptocurrencies.
“It’s time for Democrats to take a new approach to technological innovation, including cryptocurrencies. I believe Kamala Harris will ensure American technology dominates the world, so I’m here to support her.” We are donating $10 million in XRP to…” Larsen tweeted.
Notably, with the price of XRP around $0.52, Larsen’s donation represents a significant investment in Harris’ campaign, and raises concerns about what it means to support an administration seen as hostile to cryptocurrencies. is causing debate.
On Tuesday, legal expert “MetaLawMan” highlighted the complexity of the donation and how it could affect XRP litigation.
“Chris Larsen donated $10 million in XRP to Kamala Harris, so the campaign will have to sell Larsen’s XRP (possibly on an exchange) and turn it into dollars. Harris can clear the deal with Gary Gensler “Will this deal impact the SEC’s appeal in the Ripple case?” he asked.
