After winning the election of Donald Trump, Ripple’s top management has explained what they expect from the incoming administration, stressing the need for regulatory clarity in the crypto industry. On November 6, Ripple CEO Brad Garlinghouse congratulated Trump on X and presented a “first 100-day list” aimed at overhauling the current regulatory framework.
Ripple Leadership Responds to Trump’s Victory
Garlinghouse urged Trump to “fire Gensler” on the first day, referring to SEC Chairman Gary Gensler, and appoint successors such as Christopher Giancarlo, Brian Brooks, or Daniel Gallagher, who he believes “would be a big step in rebuilding the rule of law and the dignity of the SEC.”
He also encouraged Trump to facilitate bipartisan efforts to advance a digital asset market structure bill in the Senate. “Have a family dinner and get the Rs and Ds to advance the digital asset market structure bill in the Senate,” Garlinghouse said. In addition, Ripple’s CEO sought clarification on the classification of cryptocurrencies, asking, “Can we get clarity … like XRP and BTC, that ETH is not a security, right?!”
Ripple’s Chief Legal Officer, Stuart Alderoty, echoed similar sentiments. In his message to Trump, he emphasized the importance of moving quickly to “end the regulatory path we have endured in recent years” and to position the US as “the crypto capital of the world.”
Alderoty emphasized that Trump took the time to “listen to Ripple’s story.” He revealed: “Thank you for both the hard-fought race campaigns and the renewal of the democratic process. Congratulations to Donald Trump! He took the time to listen to Ripple’s story when we met in SF this summer, and prioritized crypto as an important policy issue. “
Political donations from Ripple’s leadership reflect a different understanding within the company. As reported by Bitcoinist, Alderoty donated $300,000 in XRP to Donald Trump’s presidential campaign on June 11, 2024. This large donation coincides with his attendance at a Trump fundraiser hosted by investor David Sacks in San Francisco, which he talked about in his post. .
Conversely, Ripple founder Chris Larsen has been a key supporter of Democratic candidate Kamala Harris, donating a total of $11 million to her presidential campaign. So far, Larsen has not publicly commented on Trump’s victory.
The Trump administration is poised to bring major changes to the regulatory landscape of cryptocurrencies in the United States. Among his campaign promises, Trump vowed to remove Gary Gensler as SEC Chairman on his first day in office. Gensler’s tenure has been marked by strong enforcement measures against crypto firms.
In addition to overhauling the SEC’s leadership, Trump plans to dismantle “Operation Choke Point 2.0,” a move viewed by many in the crypto sector as government overreach that affects banks’ access to legitimate business operations.
The possible appointment of a pro-crypto SEC chair, such as Commissioner Hester Peirce—often referred to as “Crypto Mom” ​​due to her pro-crypto stance—has led to speculation that the SEC may reconsider ongoing lawsuits against crypto firms , including one against Ripple.
At press time, XRP traded at $0.5321.
Featured image from YouTube, chart from TradingView.com
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