Ripple CEO Brad Garlinghouse is stirring up rumours of a meeting with President-elect Donald Trump as XRP goes up 70%. The coin has gone up over 70% since election day due to optimism around a pro-crypto regulatory environment under President-elect Trump.
XRP’s Rise Tied to Political and Regulatory Changes
XRP’s big upswing happened as the market is getting more optimistic about a more friendly regulatory environment for digital currencies. This started after Garlinghouse’s Fox Business interview last Friday where he was asked about a rumored Trump meeting.
Garlinghouse wouldn’t confirm or deny but the anchor interpreted his answer as a “yes”. Instead, Garlinghouse focused on the general opportunities for innovation and growth in the crypto space with new leadership.
“We’ve been involved in this election cycle and we’re very pro-crypto, pro-innovation,” Garlinghouse said.
This surge also reflects the market’s view that the Trump administration will now give more clarity on the status of cryptocurrencies and remove the uncertainty around the U.S. SEC’s aggressive enforcement actions.
Regulatory Issues and XRP’s Legal Troubles
Ripple still has some major legal issues with the SEC over XRP being a security. The case has been a big point of interest in the crypto space as the outcome will set a broad precedent for how digital assets are regulated in the U.S. The Ripple boss has been critical of the SEC’s “regulation through enforcement” approach. He hopes that new leadership- most likely the departure of SEC Chair Gary Gensler- will mean friendlier regulations.
“The crypto industry has embraced Trump. Trump has embraced the crypto industry,” Garlinghouse said in the interview.
Still, despite the positive signs, Ripple’s case is still in court with the SEC trying to appeal parts of the court ruling that went in Ripple’s favor. As Garlinghouse said, clarity of regulations has to be fought for so innovation can happen and things can level out for crypto companies in the U.S.
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The rumored Ripple CEO Trump meeting is part of a bigger narrative around the increasing role of cryptocurrencies in the global economy. Garlinghouse emphasized how crypto friendly policy can drive growth not just at Ripple but for the industry overall.
“We finally have a crypto president,” he said, referring to Trump as pro-blockchain.
This shows in XRP’s upswing as traders see it as a sign of regulatory reform. Other U.S. based blockchain projects are also up, so it’s clear that clearer policies can unlock a lot of value for the space.
How Trump Can Impact the Crypto Industry
Under Trump, there could be massive changes to the crypto market, maybe even a national cryptocurrency reserve by Senator Cynthia Lummis. Ripple CEO has publicly endorsed such ideas saying it will strengthen the U.S. economy and make us more competitive globally.
“Senator Lummis’ bill will offset-through my models-$16 trillion of our debt,” he said. “It’s economically wise. It’s technically wise.”
Ripple’s legal battles and the broader state of regulation have been big brakes on the industry but Garlinghouse is still hopeful. His comments have sparked speculation that Trump’s presidency will bring clarity and support to digital assets to go mainstream.
Conclusion
A Trump-Ripple CEO meeting if it happens only adds to the increasing overlap of politics and crypto. With Ripple in the middle of its legal battle, XRP up and the market expecting a turn in U.S. policy to be more crypto friendly, this unconfirmed meeting has already set the wheels in motion for a big time for crypto.
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