Ripple CEO: Biden’s EO Spells “Crypto Is Here to Stay”

• Ripple CEO Brad Garlinghouse admitted that the recent turn of events in the US “surprised and inspired” him.
• US President Joe Biden signed a crypto-friendly executive order.
• Garlinghouse said that the EO is an “affirmation that crypto is here to stay”.

In response to the newly-signed executive order on cryptocurrencies, Ripple CEO Brad Garlinghouse admitted that he was “pleasantly surprised and inspired”.

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For those who may not be in the loop, US President Joe Biden recently signed an executive order (EO) that discusses the country’s upcoming approach to cryptocurrencies. The EO stated that the country will start developing a strategy that is friendly toward crypto. 

Specifically, the US will now be leaning toward promoting innovative plans for crypto. At the same time, the country will minimize financial risks to Americans and the rest of the world.

Aside from the above tweet, Garlinghouse added that the new EO is “an affirmation that crypto is here to stay.”

He also urged the government to act swiftly to catch up with the rest of the world. The news is also the major reason for Bitcoin’s almost 8% jump from $38,500 to $42,500 in the last 24 hours. This sent Bitcoin’s market capitalization to return to $800 billion.

On the other hand, XRP, the cryptocurrency created by Ripple, made a quick recovery back to $0.77. It is hot on the heels of Terra (LUNA), which had one of the most astounding runs in the last couple of weeks.

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