- Ripple CEO Brad Garlinghouse has expressed optimism for the cryptocurrency industry’s future under Donald Trump’s governance and SEC Chair Gary Gensler’s announced resignation.
- XRP has surged by 166% in the past month, fueled by hopes for a crypto-friendly U.S. regulatory environment
Ripple’s CEO Brad Garlinghouse has been the most ardent advocate for a clear regulatory framework in the cryptocurrency landscape. Recently, in an interview with a leading news outlet, Garlinghouse highlighted insights into the potential transformation of the cryptocurrency landscape under the leadership of Pro-crypto president-elect Donald Trump.
Regulatory clarity has been one of the biggest hindrances in the new asset class leaving political and technological worlds at a crossroads.
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Early 2021 saw the 46th President of the U.S. nominate Gary Gensler to chair the Securities and Exchange Commission. Notably, the cryptocurrency world, under his leadership, has proven to be the most challenging to date.
In this particular instance, Ripple has been the most popular company which has faced unprecedented legal challenges, with the US Securities and Exchange Commission as we have reported. These mounting legal battles have in a big way tampered with growth of this asset class and at the same time investor confidence.
Fats forward to early this month, Donald Trump won the presidential race becoming the 47th U.S. president. With trump’s potential return to power could potentially poise for a dramatic metamorphosis for cryptocurrency. This comes after Donald promised to fire Gary Gensler on day 1 of office.
In an unprecedented turn of events, Donald Trump’s promises are unfolding as if checking themselves off the list. In an X post Gary Gensler announced that he would be resigning on January 20. This comes on the same day Donald Trump will be sworn in to office. This has further bolstered optimism for a friendlier crypto environment.
Gensler also labeled the staff as true public servants and extended his appreciation to the outgoing US president, Joe Biden, and the Congress.
I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor. I’ve greatly enjoyed working with my fellow Commissioners, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga. I also thank Congress, my colleagues across the U.S. government, and fellow regulators around the world.
What Happens to the Lawsuits?
According to Pantera’s Chief Legal Officer Katrina Pagli, the step down of Gensler could see many lawsuits against crypto companies, including Ripple, “quietly going away”.
Ripple’s XRP Rallies 166% in the Past Month
Together with the broader cryptocurrency market, XRP has undergone a significant rally, leaping from $0.5031 to more than $1.3 in the past month. At the time of press, the digital asset is trading at $1.40 surging by 24.82% in the past 24 hours. This significant rally has pushed XRP’s market up to $79.70B after a 24.77% upsurge.
Notably, Garlinghouse highlighted that 95% of Ripple’s current customer base resides outside the United States. With a clear and friendlier regulatory framework in the U.S, XRP is poised for further gains with the $2 target being insight.
