Ripple CEO Brad Garlinghouse has taken a dig at the Biden administration, saying it supports the headwinds that exist in the industry. Garlinghouse's comments come as the entire American voting class prepares for the upcoming election. This statement also has important implications for cryptocurrency voters, who are looking for politicians to improve their cryptocurrency literacy.
Ripple CEO blames Biden administration for crypto headwinds
Ripple CEO Brad Garlinghouse said in an interview with Fox Business that most of the headwinds in the crypto space are due to the Biden administration. According to Garlinghouse, the crypto market is hampered by strong government oversight with proper regulations.
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Cryptocurrency Voters’ Eyes Election Activists
The Ripple CEO’s statement is consistent with how crypto voters view the Biden administration and the upcoming elections. A good example of this is John Deaton's political campaign. In particular, he has attracted interest from the XRP community. Deaton is well known for his open support for cryptocurrencies. Web3 and many in his XRP community are excited about his commitment to the cryptocurrency industry. His nomination could facilitate passage of crypto-related legislation in the Senate.
Deaton's encouragement to run for politics coincides with increased attention to Elizabeth Warren. According to Bloomberg, Elizabeth Warren's negative stance on the Bitcoin industry has drawn criticism from the industry.
Biden administration could lose support from crypto voters
Voters using cryptocurrencies will be very important in this year's US elections. Previously, the US EIA was ordered by the Biden administration to stop collecting data on energy usage related to Bitcoin mining activities. The ruling comes as a result of a lawsuit filed by the Texas Blockchain Council and Riot Platforms among industry participants seeking to halt data collection.
EIA was tasked with collecting data by President Joe Biden's administration. The amount of electricity used to mine cryptocurrencies is debatable, but the data collection became necessary just before the election. This has raised concerns that the government under the Biden 2.0 administration will not support the Bitcoin industry. This suggests that the cryptocurrency community remains steadfast in its belief that it is possible to survive even in difficult circumstances.
According to Forbes, one in five Americans now owns digital assets. 52 million people to be exact. This amount is large enough to have a significant impact on the outcome of the US presidential election. Therefore, any government looking to win an election will likely need to gain support from Bitcoin enthusiasts.
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