Brad Garlinghouse sparks controversy after rumored meeting with Trump as XRP rallies on optimism for pro-crypto policies.
XRP Price Surges Amid Trump Administration Optimism
Ripple’s XRP token soared over 17% on November 15, fueled by expectations of a crypto-friendly regulatory environment under the incoming Trump administration. Rumors of a meeting between Ripple Labs CEO Brad Garlinghouse and President-elect Donald Trump have added to the speculation.
Industry Backlash Against Ripple and Garlinghouse
Garlinghouse faced criticism from notable figures in the crypto industry following the rumors. Ryan Selkis, founder and former CEO of Messari, accused Garlinghouse of promoting XRP and central bank digital currencies (CBDCs) for personal gain. Selkis’ comments were shared by Pierre Rochard, vice president of research at Riot Platforms. Rochard echoed the sentiment, saying:
We can’t let Ripple co-opt the United States policymaking process with their anti-Bitcoin agenda.
Unconfirmed Meeting Sparks Debate
When questioned about the rumored meeting during a recent Fox Business appearance, Garlinghouse neither confirmed nor denied it. However, he expressed optimism about the Trump administration’s potential impact on the crypto industry. Garlinghouse said:
The crypto industry has embraced Trump; Trump has embraced the crypto industry… I am very excited about what the future holds.
SEC Chair Gary Gensler’s Role in Market Sentiment
Garlinghouse pointed to the hostility of SEC Chair Gary Gensler as a major factor hindering U.S.-based crypto projects. Trump’s pledge to dismiss Gensler on his first day in office has received broad support from the crypto community, further fueling XRP’s rally.
Lawsuits Highlight Tensions Between States and the SEC
Following Trump’s re-election, 18 states filed a lawsuit against Gensler, accusing him of overreach and undermining state rights in his regulation of the crypto sector. States such as Texas, Ohio, and Wyoming are among the plaintiffs challenging Gensler’s enforcement measures.
Optimism for the Trump Era in Crypto
The potential shift in regulatory policies under Trump has bolstered market sentiment. Garlinghouse emphasized that the new administration could bring innovation and entrepreneurship back to the forefront of U.S. crypto development. The industry remains hopeful that the incoming government will adopt a more balanced approach to regulation.
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