In a thought-provoking session at Fortune 2024 BrainstormTech, Ripple CEO Brad Garlinghouse addressed the divide between Republicans and Democrats in the United States when it comes to crypto policy.

Expressing his dissatisfaction, Garlinghouse stressed the need for a unified approach to innovation, highlighting the importance of cryptographic technology that increases efficiency and reduces losses.

Ripple CEO highlights political division

Garlinghouse noted the current active where some Republicans support cryptocurrencies while some Democrats are more skeptical attitude.

Ripple CEO it echoed the sentiment that reports suggesting President Biden could potentially lose votes due to his anti-crypto stance, while former President Trump gains support due to his pro-crypto stance, is logical.

Drawing on his own experiences in Washington, Garlinghouse revealed that Democratic leaders are beginning to question their previous approaches, recognizing the need to understand how cryptocurrencies are being used by legitimate actors seeking to comply with regulationsIn miniature, he believes that “Republicans play chess and Democrats play checkers.”

As CEO of Ripple, a company embroiled in a protracted legal battle with the U.S. Securities and Exchange Commission (SEC) over the sale of XRP, Garlinghouse candidly shared his thoughts on the challenges he has faced during this period.

Garlinghouse admitted that he was initially concerned about Ripple’s future and growth prospects when the U.S. government filed a lawsuit against the company in December 2020.

However, Garlinghouse revealed that despite the uncertainty, Ripple has enjoyed record years in its first two years after a lawsuitmainly due to expansion of operations outside the United States.

Garlinghouse too expressed sadness that a significant portion (reportedly 75%) of Ripple’s customers and payment volume now come from outside the United States, following a legal dispute with the government that led to a strategic decision to prioritize hiring from outside the US.

Garlinghouse warns of historical consequences

During the conference, Garlinghouse also touched on the lack of regulatory clarity in the US, which forced Ripple to seek markets with greater defined guidelinessuch as Japan, the Middle East, Singapore and the United Kingdom.

Ripple’s CEO has called on the U.S. Securities and Exchange Commission (SEC) to take a leading role in addressing regulatory concerns surrounding cryptocurrencies, warning that the current SEC administration’s approach could be remembered in the history books.

Interestingly, the legal dispute between Ripple Labs and the SEC may soon find a resolution. reported According to a report from Bitcoinist on Monday, the SEC has scheduled a closed meeting for Thursday, July 18, 2024, which could signal a settlement between the two parties.

Initially seeking a penalty of nearly $2 billion, the SEC has now lowered its demand to $102.6 million. Ripple, in turn, has proposed a penalty limit of $10 million, referring to resolution Terraform Labs case. However, the SEC opposed the proposal, arguing that such a nominal amount would not be consistent with the purpose of the civil penalty provisions.

The question remains what the outcome of this meeting will be, with the potential to end a nearly four-year dispute that has significantly impacted the company’s operations within the SEC’s regulatory jurisdiction, and potentially pave the way for further resolutions. similar disputes from Coinbase or Uniswap Labs.

At the time of writing, XRP is trading at $0.58, up over 9% in 24 hours and a price augment of a whopping 34% in just one week.

Featured image from DALL-E, chart from TradingView.com