 
 
Ripple CEO Brad Garlinghouse has weighed in on latest statements made by Tesla CEO Elon Musk concerning the potential function of XRP in monetary establishments.
Garlinghouse’s remarks got here on Monday, October 21, in response to a query posed throughout a Trump marketing campaign rally final week. In the course of the rally, somebody within the viewers inquired whether or not Musk sees the XRP Ledger being adopted by monetary establishments sooner or later.
Musk replied, “That is positively not an endorsement or lack of endorsement for XRP, however I do suppose crypto by its very nature helps with particular person freedom.”
In a response, Garlinghouse highlighted the rising significance of cryptocurrency within the political enviornment, stating, “Voters care about crypto—they care about XRP. It’s not a distinct segment situation. They need actual insurance policies that drive innovation and create jobs. Candidates that ignore crypto and blockchain danger a severe loss in assist from a rising, knowledgeable voter base.” His feedback underscore the very important function that cryptocurrency is predicted to play because the U.S. approaches the 2024 presidential elections.
Musk’s point out of XRP additionally comes at a time when Ripple has confronted important challenges, notably a chronic lawsuit from the SEC, initiated in December 2020, alleging that Ripple’s gross sales of XRP constituted unregistered securities choices. Though Ripple secured a partial victory in federal courtroom, the SEC has sought an appellate evaluation, prolonging the uncertainty surrounding the corporate and the cryptocurrency market at massive.
 
Garlinghouse’s feedback tackle added weight given the scrutiny Ripple has acquired for its monetary contributions to the Biden administration. On Monday, Ripple co-founder Chris Larsen made headlines for donating $10 million price of XRP to the Future Ahead USA PAC, which helps Vice President Kamala Harris. This donation has raised eyebrows inside the crypto group, notably for the reason that Biden administration has been criticized for its robust stance on crypto regulation.
Regardless of the obvious contradiction, Larsen defended his contributions, emphasizing the necessity for the Democratic Celebration to adapt its method to tech innovation, particularly within the crypto sector.
“It’s time for the Democrats to have a brand new method to tech innovation, together with crypto. I imagine Kamala Harris mwill make sure that American expertise dominates the world, which is why I’m donating $10M in XRP in assist of her.” Tweeted Larsen.
Notably, with XRP priced at roughly $0.52, Larsen’s donation represents a big funding in Harris’s marketing campaign, prompting discussions concerning the implications of backing an administration perceived as hostile to crypto.
On Tuesday, authorized professional “MetaLawMan” highlighted the complexities of the donations and the way it may affect the XRP case.
“Since Chris Larsen has donated $10M in XRP to Kamala Harris, the marketing campaign should promote Larsen’s XRP (presumably on an trade) to transform it to {dollars}. Will Harris clear that transaction with Gary Gensler? Will this commerce affect the SEC’s attraction within the Ripple case?” he requested.
