As a seasoned analyst with over two decades of experience in financial markets and technology, I find myself intrigued by the strategic moves made by Ripple’s leadership following Donald Trump’s election victory. The unique blend of politics, finance, and technology that this situation presents is reminiscent of a high-stakes game of chess, where each move can significantly impact the outcome.
Following Donald Trump’s election win, Ripple‘s leading officials have shared their hopes for the incoming administration, particularly focusing on the importance of clear regulations in the crypto sector. On November 6th, Ripple’s CEO Brad Garlinghouse extended congratulations to Trump and proposed a “100-day action plan” to revise the current regulatory structure by way of X (a messaging platform).
Ripple Leadership Reacts To Trump Victory
Garlinghouse advised Trump to dismiss SEC Chairman Gary Gensler immediately upon taking office, and suggested potential replacements such as Christopher Giancarlo, Brian Brooks, or Daniel Gallagher. He believes these individuals would significantly improve the agency’s adherence to the rule of law and restore its reputation at the SEC.
Additionally, he suggested Trump host a meeting at his home to foster bipartisan discussions aimed at progressing the digital asset market structure bill in the Senate. Furthermore, Garlinghouse inquired about the categorization of cryptocurrencies, querying, “Could we possibly gain some clarity… regarding Ethereum, similar to XRP and Bitcoin, that it is not considered a security?
In my correspondence with former President Trump, I, Stuart Alderoty, Chief Legal Officer at Ripple, underscored the urgency of transitioning away from the recent years’ “enforcement-based regulation” approach. I envisioned our nation becoming the global leader in the crypto sphere by adopting policies that establish the United States as the ‘crypto capital of the world’.
In simpler terms, Alderoty pointed out that Trump had made an effort to hear about Ripple’s situation. He expressed his gratitude towards both campaigns for their intense competition in the election process, congratulating Donald Trump on his win. Interestingly, he mentioned that when they met in San Francisco this summer, Trump took the time to consider Ripple’s concerns, and he emphasized cryptocurrency as a significant policy concern.
The leadership of Ripple appears to have differing political leanings within the company, as per Bitcoinist’s report. On June 11, 2024, Alderoty donated a significant sum of XRP, approximately $300,000, to Donald Trump’s presidential campaign. This generous contribution mirrors his presence at a fundraising event for Trump organized by venture investor David Sacks in San Francisco, an association he hinted at in his post.
Contrastingly, Chris Larsen, the founder of Ripple, has backed Democratic nominee Kamala Harris financially, contributing an amount of $11 million to her presidential bid. At present, he has remained silent about Donald Trump’s re-election.
The Trump administration is planning significant shifts in the regulatory environment for cryptocurrencies within the U.S. One of Trump’s election promises was to replace Gary Gensler as SEC Chairman on his inauguration day. During Gensler’s term, he has taken a firm stance against crypto companies through rigorous enforcement actions.
Apart from restructuring the Securities and Exchange Commission (SEC)’s management, Trump also intends to abolish “Operation Choke Point 2.0,” a move seen by many in the cryptocurrency industry as excessive government intervention that potentially restricts banking services for lawful business activities.
The possibility of Commissioner Hester Peirce, who is known as “Crypto Mom” due to her favorable views towards cryptocurrencies, becoming the new SEC chair could spark anticipation that the SEC might reevaluate ongoing legal disputes involving crypto businesses, like the one currently ongoing against Ripple.
At press time, XRP traded at $0.5321.
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2024-11-07 05:11