The crypto industry is facing a reset

This is an opinion voiced by Ripple CEO Brad Garlinghouse. He emphasized that the reset will involve the whole industry, regardless of the outcome of the U.S. presidential election.

“We’re going to see forward progress and I am certainly looking forward to that,” Garlinghouse shared.

The CEO of Ripple Labs described the Biden administration as ‘hostile’ towards cryptocurrencies. According to Garlinghouse, a lot depends on who will replace Gary Gensler as the head of the SEC. He also called Gensler’s methods a ‘reign of terror.’

“It’ll be telling as to what the direction of travel is for the next four years. No matter what, we’re going to end up in a better place. When we look back on this period of time in the United States as it relates to crypto, it’s going to look like a speed bump,” Garlinghouse said.

He reminded that both presidential candidates had made statements about crypto. Donald Trump ‘came out early and very aggressively’ supporting the crypto sector, while Kamala Harris mainly encouraged innovative technology.

That said, Brad Garlinghouse advised crypto startups to consider registering their businesses outside the U.S. as regulatory pressure continues to grow.