In the wake of Donald Trump’s election victory, Ripple’s top executives have outlined their expectations for the new administration, emphasizing the need for clear regulations in the crypto industry. On November 6, Ripple CEO Brad Garlinghouse said Congratulations Trump via X and presented an “initial 100-day checklist” aimed at overhauling the current regulatory framework.
Ripple Leadership reacts to Trump’s victory
Garlinghouse urged Trump to “fire” Gensler on day one, referring to SEC Chairman Gary Gensler, and to appoint successors like Christopher Giancarlo, Brian Brooks or Daniel Gallagher, who he said would be “tremendous improvements in the reconstruction of the rule of law and reputation’. at the SEC.”
He also encouraged Trump to facilitate bipartisan efforts to advance the Digital Asset Market Structure Act in the Senate. “Have a family dinner and get the Rs and Ds to push the digital asset market structure bill to the Senate,” Garlinghouse said. Furthermore, Ripple’s CEO sought clarity on the classification of cryptocurrencies, asking: “Can we get some clarity… similar to XRP and BTC, that ETH is not a security, right?!”
Ripple’s Chief Legal Officer, Stuart Alderoty, echoed similar feelings. In his message to Trump, he emphasized the importance of taking quick steps to “end the regulation-by-enforcement approach we have endured in recent years” and position the US as “the crypto capital of the world.”
Alderoty emphasized that Trump had taken the time to “listen to Ripple’s story.” He revealed: “Thank you to both campaigns for a hard-fought race and for galvanizing the democratic process. Congratulations 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 from Ripple’s leadership reflect the different alignments within the company. If reported by Bitcoinist Alderoty donated $300,000 worth of
Ripple founder Chris Larsen, on the other hand, was a strong supporter of Democratic candidate Kamala Harris, donating a total of $11 million to her presidential campaign. So far, Larsen has not commented publicly on Trump’s victory.
The Trump administration is poised to make substantial changes to the regulatory landscape of cryptocurrencies in the United States. Trump has done just that among his campaign promises promised to fire Gary Gensler as SEC chairman on his first day on the job. Gensler’s tenure was marked by rigorous enforcement actions against crypto companies.
In addition to overhauling the SEC’s leadership, Trump plans to “Operation Choke point 2.0”, an initiative seen by many in the crypto sector as a government overreach affecting banks’ access to legitimate business activities.
The possible appointment of a pro-crypto SEC chairman, as commissioner Hester Peirce– often referred to as “Crypto Mom” for her supportive stance on digital assets – has led to speculation that the SEC could reconsider pending lawsuits against crypto companies, including the one against Ripple.
At the time of writing, XRP was trading at $0.5321.
Featured image from YouTube, chart from TradingView.com