Ripple CEO Brad Garlinghouse remains skeptical about the likelihood of significant cryptocurrency legislation being passed in the US before the upcoming presidential election in November. While he acknowledges that the Biden Administration has been toning down its stance on crypto, Garlinghouse believes that it will still take until 2025 for substantial regulatory developments to occur. He notes that the legislative process moves slowly and cautiously, but he is encouraged by the progress made in the past few weeks. However, he anticipates that passing the legislation may require waiting until after the election or possibly until the first half of next year. Last week, President Joe Biden fulfilled his promise to veto a crypto bill that had been approved by both the House and the Senate. This bill aimed to reverse the guidance of the US Securities and Exchange Commission, which requires certain companies to classify crypto assets as liabilities on their balance sheets, even if they are holding the assets on behalf of customers. The legislation was supported by Republicans and some Democrats but ultimately failed to pass.