Ripple’s CEO, Brad Garlinghouse, recently took a strong stance at a crucial crypto roundtable. Ro Khanna the Democratic Congressman held a meeting that aimed to discuss the future of cryptocurrency regulations in the U.S. This meeting was organized on wednesday. This roundtable conference was attended by Mark Cuban, Paul Grewal from Coinbase and Dante Disparte from Circle. Along with these key political leaders like Senator Kirsten Gillibrand and Congressman Joe Neguse were also present.
Garlinghouse Criticizes SEC’s Gary Gensler
Garlinghouse didn’t hold back in criticizing the SEC’s Chairman, Gary Gensler. He said that it is very unfortunate that the majority of Dems continue to support Gensler’s unlawful war on crypto. Garlinghouse described Gensler as a “Luddite” .This term is used for those resistant who are new to a technology. This isn’t the first time Garlinghouse has voiced his discontent with the SEC’s approach by labeling it an “unlawful war on crypto.”
A step towards robust crypto regulations
Right after this meeting Congressman Khanna expressed his thoughts and emphasized that the meeting was a step toward creating robust regulations for the Crypto rights. Despite this optimism, many crypto enthusiasts remain skeptical about the Democrats’ willingness to embrace and support crypto fully.
Political Stance on Crypto and Upcoming Elections
On a repetitive basis, Garlinghouse echoed this sentiment on the Democrats’ resistance to crypto. He said that this resistance had led the Republican Party to adopt a more pro crypto stance. Everybody knows that the upcoming U.S. elections are crucial, as a change in administration could potentially end Gensler’s term and his regulation through enforcement approach. Seems like this shift could create a more favorable environment for the crypto industry.
Twitter Praise for Congressman Ro Khanna
In a twitter post, the Ripple CEO appreciated Khanna’s efforts, calling him an exceptional leader for engaging with the crypto industry. Influential figures and political leaders attended this meeting as they are seeing it as the necessary productive step forward. However, skepticism remains regarding the Democrats’ stance on crypto for sure.
The Ripple vs. SEC Case and Its Implications
This roundtable comes at a very crucial time not just for Ripple but for the whole crypto world. Ripple has been in a fight with the SEC for almost four years now. Recently, Ripple filed a Notice of Supplementary Authority in its case and hoped to influence the court’s decision using the precedent set in the Binance ruling. However the SEC argued that Ripple’s case and the Binance case had no similarities.
The Potential rise of Ripple
XRP supporters feel that the upcoming US elections can significantly impact the crypto regulations. A crypto supporting administration can bring crypto favorable policies, eventually helping the whole crypto space.
Current XRP Market Analysis
XRP is currently trading at $0.44848. As we can see on the 4 hourly chart, the 100 moving average serves as a key resistance at $0.46, while the 20 and 50 moving averages support the price. To regain its rising channel, XRP needs to break the resistance and cross the $0.55 price. XRP fell from its rise back in April after a sudden 32% drop.
Conclusion
The Crypto Enthusiasts are looking for regulatory support and it seems like these efforts towards crypto, combined with the potential changes in the U.S. political landscape could significantly impact XRP’s future. A favorable regulatory environment could lead to an explosion in XRP’s price and can offer substantial growth opportunities for investors.
