Garlinghouse has been skeptical about cryptocurrency regulation in the U.S., but he is very optimistic about the situation following the upcoming presidential elections.
“These are the most important elections we have had, but I also believe that regardless of what happens, we will have a more pro-crypto, more pro-innovation Congress than ever before,” he stated.
Ripple operates a global payment business, primarily serving banks and financial institutions. Approximately 95% of its business occurs outside the U.S., which, according to Garlinghouse, is partly a reflection of the contentious environment in Washington.
In 2020, the U.S. Securities and Exchange Commission filed a lawsuit against Ripple, but last year the company achieved a significant victory for the industry when a judge ruled that XRP is not a security when sold to retail investors on exchanges.