Brad Garlinghouse, the CEO of Ripple, recently slung shade at the Biden administration, accusing them of being to blame for the challenges facing the cryptocurrency sector in an interview with Fox Business. The cryptocurrency markets are hampered, in Garlinghouse’s opinion, by stringent government oversight and appropriate regulation.
Speaking ahead of the midterms, Garlinghouse echoes the sentiments of the entire voter class in America. Crypto voters, who want politicians to be more crypto-literate, will find relevance in the statement.
Ripple CEO Points Fingers at Biden Administration for Cryptocurrency Issues
According to Garlinghouse, the Biden administration is mostly to blame for the cryptocurrency industry’s challenges. He thinks the government’s tight oversight and appropriate regulation impede the cryptocurrency markets.
Voters in Crypto Seek Out Election Campaigners
The remarks made by the CEO of Ripple align with how cryptocurrency supporters feel about the Biden administration and the impending elections. The political campaign of John Deaton is a prime illustration of this. Interest in it has been generated, especially within the XRP community. Deaton is renowned for publicly endorsing cryptocurrency. Numerous members of the Web3 and XRP communities are ecstatic about his dedication to the cryptocurrency sector. Legislation about cryptocurrencies may be passed by the Senate more easily with his appointment.
The Biden administration may lose the support of Bitcoin voters. This year’s US elections will heavily factor in the participation of these voters. The Biden administration had already instructed the US EIA to cease gathering data on the energy use of Bitcoin mining operations. The Texas Blockchain Council, Riot Platforms, and other industry participants sued to halt the data collection, which led to the verdict.
The Joe Biden administration assigned the EIA the duty of obtaining the statistics. Discussing how much electricity is used for mining cryptocurrencies is controversial, but data gathering was necessary right before the election. This raises concerns that the Bitcoin business may need assistance from the government under Biden 2.0.
This shows that the community surrounding cryptocurrencies is steadfast in its conviction that people can survive under trying conditions. According to Forbes, one in five Americans owns digital assets—precisely 52 million individuals. The sum is substantial enough to affect how the US presidential election turns out. Therefore, winning over Bitcoin enthusiasts would likely be necessary for any administration seeking to win an election.
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