Donald Trump Embraced Crypto, and Crypto Embraced Him: Brad Garlinghouse

Ripple Labs CEO Brad Garlinghouse recently spoke with CBS News about the role of political action committees (PACs) in shaping the United States presidential election, which saw Donald Trump emerge as President-elect. Garlinghouse highlighted Trump’s evolving perspective on cryptocurrencies, noting that both Trump and the crypto community have found common ground.

In June 2021, Trump criticized Bitcoin, describing it as a “scam” and expressing concerns that cryptocurrencies could undermine the U.S. dollar’s dominance. However, during the election cycle, Trump’s stance appears to have shifted, indicating a more crypto-friendly outlook. Addressing the change, Garlinghouse described it as a mutual alignment, stating:

“Donald Trump embraced crypto and crypto embraced Donald Trump.”

The Emergence of PAC

Garlinghouse also discussed the emergence of Fairshake, a PAC he called a direct response to what he views as a “war on crypto.” He attributed its creation to the regulatory crackdown spearheaded by SEC Chair Gary Gensler, who has overseen over 120 lawsuits against crypto firms such as Ripple Labs, Coinbase, Binance, and others for alleged securities law violations.

The CEO noted that Fairshake would not have existed if Gensler had not pursued such aggressive enforcement. He explained that the PAC’s goal is not to exert political influence but to advocate for a clear and fair legal framework that enables blockchain innovation and growth within the U.S. This vision aligns with Trump’s 2024 campaign manifesto, which advocates for establishing the U.S. as a global leader in cryptocurrency.

Exploring the Potential of Blockchain Technology

Garlinghouse emphasized the transformative potential of blockchain technology, likening skepticism about crypto to the early dismissal of the Internet as a tool for illegal activity.

Crypto made its debut on @60Minutes tonight – there’s no doubt that these technologies will continue to become more and more mainstream – with influence and reach that will only continue to grow.

A few things I do want to comment on after watching:

I spoke with Margaret…

— Brad Garlinghouse (@bgarlinghouse) December 9, 2024

The CEO highlighted that institutions like JPMorgan are now exploring the potential of blockchain technology. Meanwhile, Ripple processes billions of dollars in KYC-compliant transactions using XRP, offering faster and more efficient cross-border payments than traditional payment systems.

XRP has sustained an impressive performance in recent weeks, drawing significant attention from investors. A recent report revealed that whale investors have shifted their focus to Ripple’s XRP, acquiring over $1 billion worth of the cryptocurrency within three weeks.