Ripple CEO Brad Garlinghouse recently discussed the implications of Donald Trump’s re-election for the cryptocurrency industry, the end of the SEC lawsuit, and the potential launch of an XRP ETF. Garlinghouse considers a clear regulatory framework for the crypto industry as the main agenda. In an interview with BBC on November 8, Garlinghouse stated that the crypto industry is one of the biggest winners from Trump’s re-election.
Ripple’s XRP token saw gains in the aftermath of Bitcoin’s new all-time high and is now trying to gain mainstream acceptance with the launch of an XRP ETF. Garlinghouse shared his first 100-day crypto checklist for Trump, including firing US SEC Chair Gary Gensler and providing regulatory clarity, which Trump had promised during his election campaign.
Garlinghouse also commented on the end of the SEC lawsuit against Ripple, stating that SEC Chair Gensler had waged a war against cryptocurrency, negatively impacting the crypto industry in the country. He pointed out that regulators in countries such as Japan, the UK, Switzerland, and Singapore have embraced crypto and established clear rules for regulated business growth and capital flow.
Despite global adoption and growth, Garlinghouse observed that regulators under the Biden administration have been hostile towards cryptocurrency. He also expects a resolution or end to the SEC lawsuit against Ripple, as Judge Analisa Torres declared that XRP itself is not a security, though the government agency has appealed part of the ruling.
Garlinghouse argues that it is frustrating that only Bitcoin and XRP have explicit regulatory clarity in the US while other cryptocurrencies like Ethereum and Solana are under scrutiny. He criticizes the idea of litigating every single leading token. He believes that clear regulations for crypto are necessary, as the SEC under Gensler has taken the position that most cryptocurrencies are securities.
Garlinghouse explains that, for example, owning Apple shares gives investors shareholding and ownership rights, which is not the case with cryptocurrencies. He emphasizes the need for clarity and rulemaking for the crypto industry, and the SEC’s lack of authority in regulating cryptocurrency. With Trump’s re-election, the potential launch of an XRP ETF is now being considered.
The SEC lawsuit has affected XRP’s price growth, and currently, the price is trading at $0.553, up almost 25% in the last 24 hours and 9% this week. Experts and analysts predict that XRP’s price could hit $2 during this bull cycle. Disclaimer: The presented content may include the personal opinion of the author and is subject to market conditions.
Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
