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Ripple CEO warns politicians that ignoring cryptocurrency risks losing voter support as crypto becomes a key issue in elections.
Key Notes
Cryptocurrency has become a central issue in US elections, with voters seeking policies that promote innovation and job creation.Both major political parties are actively engaging with the crypto industry, recognizing its influence on the election.Ripple supports candidates based on crypto policies, not party lines.Ripple CEO Brad Garlinghouse has shared his thoughts on the news regarding Elon Musk’s mention of XRP. The Tesla CEO was asked about the future of XRP and the possibility of it being adopted by financial institutions. Although he did not give a direct answer, he refrained from endorsing any cryptocurrency. However, he responded by saying he thinks crypto, by its very nature, helps with individual freedom.
Reacting to Musk’s response, Brad built on Elon’s remark about cryptocurrency and individual freedom and emphasized its growing relevance in contemporary politics. The Ripple CEO warned that political candidates ignoring crypto risk a big loss in voter support.
Voters care about crypto – they care about XRP – it's not a niche issue. They want real policies that drive innovation and create jobs.
Candidates that ignore crypto and blockchain risk a serious loss in support from a growing, informed voter base. https://t.co/PfrjjyzCBn
— Brad Garlinghouse (@bgarlinghouse) October 21, 2024
He noted that voters now care about crypto, which has grown beyond being a niche topic. The digital currency has become a core issue for many voters. He claimed that voters want policies that support innovation and create jobs, and candidates who ignore these issues risk losing support from a growing and informed voter base.
Crypto Gains Ground as a Core Election Issue
The crypto industry is one of the major forces determining the upcoming US election. Political candidates of the Republican and Democratic parties have been meeting with top figures in the crypto industry for possible support.
Republican presidential candidate Donald Trump, who happened to be a crypto-critic, has now changed his stance. He promised to lay out plans to ensure that the United States would become the crypto capital of the planet. The crypto industry has raised more than $200 million and has spent $132 million in the election so far, as the industry is pushing hard to have a candidate of their choice in power.
With just a few days until the US presidential election, cryptocurrency could be increasingly influential in shaping voters’ decisions.
Ripple’s Balanced Approach to Political Engagement
Ripple has taken a diplomatic approach during this election season. While its chief legal officer, Stuart Alderoty, gave $300,000 in the XRP token, its co-founder, Chris Larsen, on the other hand, promised to donate $10 million to Democratic presidential candidate Kamala Harris. Larsen’s donation to Kamala has been criticized by many XRP users who feel the present administration is harsh on crypto regulation.
Garlinghouse has come out to clarify, saying he respects everyone’s right to choose who they wish to be the next President of the US while acknowledging that there is a need to change the course of the present administration’s war on crypto. He emphasizes that Ripple will keep engaging with both Democrats and Republicans during and after the election to promote crypto-friendly policies.
He said their support is not based on party affiliation (Democrat or Republican) but on promoting policies that benefit the crypto industry. A crypto commentator wrote that Ripple’s decision to play on both sides is a win-win situation for them.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
