In the aftermath of Donald Trump’s triumph in the US presidential election, major players in the cryptocurrency industry, including Ripple and Coinbase, are preparing for potential regulatory changes. Trump has been vocal about his pro-crypto stance and has expressed his intention to replace the current Securities and Exchange Commission (SEC) Chair, Gary Gensler, “on day one” of his tenure. This decision could significantly alter the SEC’s approach towards ongoing cryptocurrency cases, affecting major firms such as Coinbase and Ripple.
Potential Impact on Ongoing Crypto Cases: Coinbase and Ripple
The possibility of Trump appointing a crypto-friendly SEC chair, perhaps someone like Commissioner Hester Peirce, brings to light questions about the future trajectory of the SEC’s enforcement actions. FOX Business journalist Eleanor Terrett interviewed Coinbase’s Chief Legal Officer, Paul Grewal, for insights on these potential changes.
“I believe the new administration will review all existing crypto cases initiated under Gary Gensler and differentiate between those targeting genuine scams and frauds and those that are not,” Grewal explained to Terrett. Although Grewal did not explicitly predict the withdrawal of cases against Coinbase and Ripple, he was optimistic that new leadership and clearer regulations could lead to a reevaluation. “Grewal refrained from predicting case withdrawals against Coinbase and others accused of securities violations but expressed confidence that leadership changes and clear rules will prompt a fresh perspective,” Terrett elaborated.
In addition to his conversation with Terrett, Grewal shared his thoughts on social media, stating, “I hope the SEC comprehends the implications of tonight’s events. On numerous issues, voters have clearly expressed their desire for change. Crypto is no exception. Stop suing crypto. Start engaging with crypto. Initiate rulemaking now. There’s no reason to wait.”
The Crypto Community’s Reaction
Coinbase CEO Brian Armstrong also commented, describing the election outcome as “a huge win for crypto.” He emphasized that support for cryptocurrency played a pivotal role in Bernie Moreno’s victory over Senator Sherrod Brown in Ohio, pointing out that Brown was “one of the most anti-crypto senators out there.” Armstrong added that the “full-throated support of the winning presidential candidate” and the election of 257 pro-crypto candidates in the House indicate a pro-crypto shift in Congress.
Armstrong argued that the nation has “fully repudiated the efforts of Senator Warren and Gary Gensler, who endeavored for years to unlawfully undermine our industry.” He suggested that adopting an anti-crypto stance is now “a good way to end your career,” as it is misaligned with voters seeking alternatives to the current financial system and advocating for change.
Ripple’s Perspective and Future Expectations
Ripple’s leadership echoed similar sentiments. CEO Brad Garlinghouse, while avoiding any discussion on the ongoing SEC lawsuit, praised Trump’s victory and proposed a checklist for the new administration’s first 100 days, as reported by Bitcoinist on Wednesday. He urged Trump to “fire Gensler” without delay and to appoint replacements like Chris Giancarlo, Brian Brooks, or Dan Gallagher, whom he sees as “massive upgrades in rebuilding the rule of law (and reputation) at the SEC.”
Garlinghouse also called for bipartisan cooperation to advance the digital asset market structure bill in the Senate and sought regulatory clarity on cryptocurrencies. He posed the question, “Can we achieve clarity… similar to XRP and BTC, that ETH is not a security, right?!”
Currently, XRP is trading at $0.55.
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