Ripple CEO Advocates for Better Political Understanding of Crypto

Ripple CEO Advocates for Better Political Understanding of Crypto

Crypto markets have seen multiple criticisms since its inception. However, the scrutiny from those who do not side with the digital asset world has increased in the past few years. In an interview with Bloomberg, Ripple’s CEO addressed the very same issue adding that most politicians do not have correct knowledge of cryptocurrencies and how they work.

Ripple CEO Asks for Better Political Awareness About Crypto

Political figures frequently lack a basic understanding of cryptocurrency, according to Brad Garlinghouse, CEO of Ripple. In an interview with Bloomberg, Garlinghouse said that often politicians make statements about digital currencies that are not backed by facts or evidence. He further added that for the upcoming 2024 US elections, Ripple has put together a super pack to support pro-crypto candidates.

The remarks come at a time when the US elections are heavily dependent upon crypto policies. Voters are placing their bets on candidates based on how they project their stance on cryptocurrencies. The remarks also come at a time when pro-XRP lawyer John Deaton announced his race for the Senate, standing against Elizabeth Warren. Warren has not been on the good cards of the crypto community recently with the unfavorable stance on virtual assets and a bill that could strip investments for many crypto holders. The attack on cryptocurrencies by Senator Elizabeth Warren faced serious opposition in the Senate.

Crypto World Steps up Criticism for Elizabeth Warren

According to another Bloomberg report, the cryptocurrency business is stepping up its criticism of Senator Elizabeth Warren’s anti-crime legislation. The criticism stems from the claim that if the bill passes, the industry would be destroyed in the US. The bill will potentially destroy the savings of numerous Americans who have lawfully invested in the cryptocurrency asset class.

Crypto Voters to Play Major Role in Upcoming Elections

With upcoming elections in more than a dozen countries globally, topics around crypto markets and regulations concerning the latter will be a key aspect for many to judge their upcoming government. In the United States alone, crypto voters will have a huge role to play this time in elections. According to Forbes, 1 in 5 Americans today own digital assets. That’s 52 million people. Perhaps most striking is the political composition of this demographic. Forbes further mentioned that according to survey data from Coinbase and Morning Consult, 22% of respondent crypto holders identified as Democrats, 18% as Republicans, and 22% as Independents. The 2024 elections will have up to 1.9 million votes being decided by crypto supporters. This would be sufficient to swing the election and probably even tip it. In such a scenario, jumping on the crypto bandwagon seems obvious for election candidates.