Ripple Executives Respond to Trump’s Election Victory, Fueling Hopes for Crypto-Friendly Policies
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Ripple executives respond to Donald Trump’s presidential victory. On Wednesday, November 6, Donald Trump completed his political comeback by winning the US presidential election.
Republicans took control of the United States Senate, though control of the House is still unclear. Trump’s election increased buyer demand for XRP and the overall market.
Ripple Chief Legal Officer Stuart Alderoty also thanked the US President-Elect and praised him for hearing the Ripple narrative in San Francisco and prioritizing cryptocurrency as a critical issue. Alderoty also urged Trump to cease the SEC’s regulation-by-enforcement method.
https://twitter.com/s_alderoty/status/1854135893189075455
The election results boost hopes for clearer regulations, new crypto policies, and a possible settlement to the Ripple vs. SEC dispute.
The crypto business now expects more favorable policies with bipartisan support.
Garlinghouse Calls for Immediate SEC Reform and Crypto Law Clarity Following Trump’s Election Victory
In a recent post on X, Ripple CEO Brad Garlinghouse welcomed Donald Trump on his 2024 election victory and urged a vocal appeal for swift adjustments to US cryptocurrency laws.
Garlinghouse, who has long advocated for digital asset regulation, outlined his priorities for the Trump administration’s first 100 days, including a definitive reformation of the US Securities and Exchange Commission (SEC) and certainty on crypto legislation.
.@realDonaldTrump, Congratulations!
Some fodder for your first 100-day checklist to get things moving:
– Fire Gensler. Day 1, no delays.
– In his place, appoint Giancarlo, Brooks, or Gallagher – they’d be massive upgrades in rebuilding the rule of law (and reputation) at the…— Brad Garlinghouse (@bgarlinghouse) November 6, 2024
Garlinghouse’s suggestions include a call to remove current SEC Chairman Gary Gensler. “Fire Gensler.” “Day one, no delays,” he stated, expressing dissatisfaction with the SEC’s recent approach to bitcoin regulation.
Garlinghouse also advised hiring a new leader with a different perspective, naming previous officials like Christopher Giancarlo, Brian Brooks, and Daniel Gallagher.
According to Garlinghouse, each of these individuals might play an important part in “reviving the rule of law and reputation at the SEC.”
Will the SEC withdraw its appeal against the Ripple rulings?
During his campaign, Trump promised to dismiss SEC Chair Gary Gensler on his first day of office, January 20, 2025. However, this date is just days beyond the SEC’s deadline for submitting its appeal-related opening brief.
In addition to reforming the SEC’s leadership, Trump intends to bring down “Operation Choke Point 2.0,” which many in the crypto sector see as federal overreach limiting bank access for legitimate company activities.
Given Trump’s plans to replace Gensler, the SEC may be pressured to withdraw its appeal. While doubtful, the SEC may have extended the time for filing its appeal-related opening brief to account for the election results.
With Trump’s presidency ready to implement a crypto-friendly framework, the XRP community is excited about the end of the Ripple lawsuit and the adoption of ETFs for XRP and other coins. Whatever happens next may hinge on the position of the newly appointed chair of the SEC as well as any administrative holdups that may occur before Trump’s inauguration in January.
According to Coin Market Cap, Ripple (XRP) is now trading, up 3.35% from yesterday and soars 7.41% in past 7 days to reach its current price $0.55.
