Brad Garlinghouse, Ripple CEO, says the 2024 US election provided an opportunity to educate voters on various topics and issues.
In a recent interview with 60 Minutes, Ripple CEO Brad Garlinghouse made some striking comments about the outcome of the 2024 election and its implications for the crypto industry. According to him, the results were a significant triumph for cryptocurrency, with many candidates backed by Fairshake, a crypto political action committee (PAC), emerging victorious.
A Non-Partisan Effort
Garlinghouse emphasized that this effort was entirely non-partisan in nature. He pointed out that the cross-aisle support for the digital assets bill FIT21 was a testament to the bipartisan spirit of the industry. "Of the 29 Republicans and 33 Democrats the industry backed in congressional races, 85% won," he stated. "It’s incredible."
This level of success is indeed remarkable, especially considering that the industry made significant contributions to various campaigns through Fairshake. Garlinghouse acknowledged this influence, saying, "We absolutely helped supercharge the candidates with the money in the coffers… That’s absolutely right." He also noted that, like other industries, crypto players saw the electoral cycle as an opportunity to educate voters about their values and goals.
Ripple’s Support for Key Candidates
When asked about specific instances where Fairshake’s efforts may have had a tangible impact, Garlinghouse cited several examples. For instance, he claimed that Ripple-supported candidates played a significant role in the election of Elissa Slotkin as a Democratic senator from Michigan and Mark Kelly as a Democratic senator from Arizona.
While these claims are unsubstantiated and lack concrete evidence, they do highlight the level of confidence that Garlinghouse has in the power of crypto-backed campaigns. "Do I think we had an impact to elect a Democratic senator in Michigan—Elissa Slotkin? Yes, absolutely. Do I think we had an impact in Arizona? A Democratic senator in Arizona, Gallego? Absolutely," he continued.
Donald Trump’s Embrace of Crypto
One of the most significant developments during this election cycle was Donald Trump’s shift towards embracing crypto. In a notable change from his previous stance, where he expressed skepticism about cryptocurrency, Trump appeared to warm up to the idea.
Garlinghouse attributed this development to a mutual understanding between Trump and the crypto community. "I think it’s clear that Donald Trump embraced crypto and crypto embraced Donald Trump," he said, highlighting the symbiotic relationship between these two entities.
While some may interpret this as a pragmatic move by Trump to win over support from the growing crypto community, others might see it as an authentic attempt to understand and appreciate the value of digital assets. Regardless of one’s perspective on this issue, it is undeniable that Trump’s stance has contributed significantly to the normalization of cryptocurrency within mainstream politics.
The Future of Crypto in Politics
As we reflect on the 2024 election results, it becomes clear that crypto-backed campaigns have made significant strides towards shaping the political landscape. With a major victory like this under their belt, players in the industry are likely to become even more proactive in influencing policy decisions.
While some might be concerned about the influence of special interest groups in politics, others see the rise of crypto-backed campaigns as an opportunity for industries to engage with policymakers and express their interests more effectively. As Garlinghouse argued, the electoral cycle is a natural time for these conversations to take place.
In conclusion, the 2024 election has marked a significant turning point for the crypto industry, demonstrating its growing influence in politics. While some have criticized the involvement of special interest groups in campaigns, others recognize this development as an opportunity for industries to engage with policymakers and shape policy decisions that affect them.
As we move forward into the next election cycle, it will be essential to closely monitor how these dynamics evolve and whether they continue to drive more inclusive and representative outcomes. With the crypto industry’s growing influence in politics, one thing is clear: this is an issue that deserves ongoing attention from policymakers, industry leaders, and the general public alike.
