Ripple CEO Brad Garlinghouse highlighted a significant shift in Washington D.C.’s perspective on cryptocurrencies, suggesting that regulatory changes could drive a stablecoin market boom. Speaking at Consensus 2024, Garlinghouse emphasized the impact of crypto on the upcoming U.S. presidential elections. According to Garlinghouse, bipartisan candidates are increasingly supportive of the industry, influenced by the rise of digital asset ETFs on Wall Street.

Republican nominee Donald Trump expressed support for crypto innovation. However, his candidacy remains controversial following a recent conviction on 34 counts of document forgery. On the other hand, the office of incumbent President Joe Biden indicated a willingness to negotiate digital asset policies, despite some Democratic support for the FIT21 crypto bill.

“I think we understate how significant some of these shifting winds are,” said Ripple’s CEO.

Stablecoin Market Potential

Garlinghouse noted that the current $150 billion stablecoin market could expand significantly, potentially growing 10 to 20 times into a multi-trillion-dollar ecosystem within the next five years. Ripple is developing a stablecoin to compete with market leaders like Tether and Circle USD Coin, but Garlinghouse emphasized that there is ample opportunity for all players to benefit.

Industry Unity and Growth

Looking ahead, Garlinghouse called for greater unity within the crypto industry, urging participants to collaborate rather than compete. He criticized maximalist viewpoints that pit different blockchains and protocols against each other, suggesting that such divisiveness harms the industry. He also cautioned against excessive speculation, noting that memecoins like Dogecoin have not positively impacted the sector.

SEC Challenges and Future Prospects

Garlinghouse also discussed Ripple’s ongoing legal battles with the U.S. Securities and Exchange Commission (SEC), highlighting what he perceives as inconsistencies in the SEC’s approach. He argued that SEC Chair Gary Gensler has overreached, resulting in a loss of credibility. Similar sentiments were echoed by Galaxy Digital CEO Mike Novogratz, who criticized the SEC for failing to protect American investors.

Garlinghouse expects crypto lobbying efforts, supported by super PACs like Fairshake, to foster pro-innovation policies and pave the way for several ETFs based on digital assets such as XRP, Solana, and Cardano. Ripple has already donated $50 million to Fairshake in the past year and plans to pledge another $25 million by 2025 to support these initiatives.

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