In summary
- During a press conference at Korea Blockchain Week 2024 in Seoul, Ripple Labs CEO Brad Garlinghouse predicted the impeachment of SEC Chairman Gary Gensler.
- Garlinghouse said he would “make a gentleman’s bet” that Gensler’s tenure would not continue, regardless of the outcome of the presidential election.
- Ripple has been in a legal battle with the SEC since 2020, when the regulator sued the firm for selling unregistered securities in the form of XRP.
During a press conference at Korea Blockchain Week 2024 in Seoul, fintech firm Ripple Labs CEO Brad Garlinghouse predicted the impeachment of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler regardless of the outcome of the upcoming presidential election.
According to the Korean Herald, Garlinghouse said he would “make a gentleman’s bet” that Gensler’s tenure would not continue, regardless of who takes the White House in November.
San Francisco-based Ripple has been embroiled in a legal battle with the SEC since 2020, when the regulator sued the firm with a $1.3 billion lawsuit, accusing it of selling unregistered securities in the form of XRP.
Last month, a New York court ordered Ripple to pay a $125 million fine in its lawsuit with the SEC. The judgment was well below the $2 billion the SEC had originally demanded in the long-running legal battle.
Cryptocurrencies will become more bipartisan
During the press conference, Garlinghouse addressed U.S. Cryptocurrency policy in the context of the November election, arguing that “Technology should bridge political divides (…) and we anticipate that it will become more bipartisan as the election progresses.”
He noted that while Republicans have taken a more positive stance toward cryptocurrencies, several prominent Democrats also see these technologies as key to maintaining U.S. leadership in technology.
Ripple in Asia
The firm announced an academic partnership with Korea’s Yonsei University, the 58th member of its University Blockchain Research Initiative (UBRI) and the 12th in the Asia-Pacific region. Garlinghouse said Ripple plans to strengthen its presence in Asia, stating, “The majority of all XRP on exchanges globally is in Korea and Japan.”
Speaking at the press conference, Ripple President Monica Long said that cryptocurrency adoption will be driven by “institutional players who will need a place to store these crypto assets.”
Long pointed to Korean institutions as key partners, highlighting the entry of Hana Bank and Shinhan Bank into the cryptocurrency custody sector.
He added that Korea’s Financial Services Commission (FSC) is considering updated regulations that could allow banks to make payments using blockchain, which is currently restricted. Long anticipated further collaboration with banks once the new guidelines are introduced.
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