Following the election victory of Donald Trump, Ripple’s leadership has articulated their hopes and expectations for the new administration, underscoring the urgent need for clear regulatory guidelines in the cryptocurrency sector. On November 6, Ripple’s CEO, Brad Garlinghouse, extended his congratulations to Trump and shared a strategic “first 100-day checklist” aimed at revamping the existing regulatory landscape.
Ripple Leadership Reacts to Trump Victory
Garlinghouse made a bold suggestion for Trump to “fire Gensler” on his first day in office, referencing the current SEC Chairman, Gary Gensler. He recommended potential successors such as Christopher Giancarlo, Brian Brooks, or Daniel Gallagher, whom he believes would significantly contribute to restoring the rule of law and enhancing the SEC’s reputation. Additionally, Garlinghouse encouraged Trump to promote bipartisan cooperation to push forward the digital asset market structure bill in the Senate. “Host a family dinner and get the Rs and Ds moving the digital asset market structure bill forward in the Senate,” Garlinghouse advised. Furthermore, he sought clarification regarding the classification of cryptocurrencies, questioning, “Can we get some clarity… similar to XRP and BTC, that ETH is not security, right?!”
Advertisement Banner
Stuart Alderoty’s Perspective
Echoing similar views, Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized the need for swift action to “end the regulation-by-enforcement approach we’ve endured in recent years” and to position the US as “the crypto capital of the world.” Alderoty noted that Trump had taken the time to “listen to Ripple’s story.” He expressed gratitude, stating, “Thank you to both campaigns for a hard-fought race and for invigorating the democratic process. Congratulations to Donald Trump! You took the time to listen to Ripple’s story when we met in SF this summer, and you prioritized crypto as a key policy issue.”
Political Contributions and Alignments
The political contributions from Ripple’s leadership highlight differing alignments within the company. As reported by Bitcoinist, Alderoty donated $300,000 in XRP to Donald Trump’s presidential campaign on June 11, 2024. This significant contribution aligns with his attendance at a Trump fundraising event hosted by venture investor David Sacks in San Francisco, which he referenced in his post. Conversely, Ripple founder Chris Larsen has been a prominent supporter of Democratic candidate Kamala Harris, contributing a total of $11 million to her presidential campaign. As of now, Larsen has not publicly commented on Trump’s victory.
Anticipated Regulatory Shifts
Trump’s administration is expected to bring significant changes to the regulatory framework governing cryptocurrencies in the United States. Among his campaign promises, Trump has pledged to remove Gary Gensler as SEC Chairman on his first day in office. Gensler’s term has been characterized by stringent enforcement actions against crypto firms. In addition to reshaping the SEC’s leadership, Trump plans to dismantle “Operation Choke Point 2.0,” an initiative perceived by many in the crypto sector as government overreach affecting bank access for legitimate business operations. The potential appointment of a pro-crypto SEC chair, such as Commissioner Hester Peirce—often referred to as “Crypto Mom” for her supportive stance on digital assets—has led to speculation that the SEC may reconsider ongoing litigation against crypto firms, including the one against Ripple.
Current Market Status
At the time of writing, XRP is trading at $0.5321, reflecting the ongoing fluctuations in the cryptocurrency market. The anticipation surrounding Trump’s administration and its potential impact on regulatory policies continues to influence market trends.
