In the aftermath of Donald Trump's election victory, Ripple's top executives have outlined their expectations for the incoming administration, emphasizing the need for regulatory clarity in the crypto industry. On November 6, Ripple CEO Brad Garlinghouse congratulated Trump via X and presented a “first 100-day checklist” aimed at overhauling the current regulatory framework.
Ripple Leadership Reacts To Trump 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, whom he believes would be “massive upgrades in rebuilding the rule of law and reputation at the SEC.”
He also encouraged Trump to facilitate bipartisan efforts to advance the digital asset market structure bill in the Senate. “Host a family dinner and get the Rs and Ds moving the digital asset market structure bill forward in the Senate,” Garlinghouse stated. Moreover, the Ripple CEO sought clarity on the classification of cryptocurrencies, asking, “Can we get some clarity… similar to XRP and BTC, that ETH is not security, right?!”
Ripple's Chief Legal Officer, Stuart Alderoty, echoed similar feelings. In his message to Trump, he emphasized the importance of moving swiftly to “end the regulation-by-enforcement approach we've endured in recent years” and to position the US as “the crypto capital of the world.”
Alderoty highlighted 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 invigorating the democratic process. Congratulations to 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 differing alignments within the company. Ace reported by Bitcoinist, Alderoty donated $300,000 in XRP to Donald Trump's presidential campaign on June 11, 2024. This substantial contribution aligns with his attendance at a Trump fundraising event hosted by venture investor David Sacks in San Francisco, which he alluded to in his post.
In contrast, Ripple founder Chris Larsen has been a significant supporter of Democratic candidate Kamala Harris, donating a total of $11 million to her presidential campaign. As of now, Larsen has not publicly commented on Trump's victory.
Trump's administration is poised to bring substantial changes to the regulatory landscape of cryptocurrencies in the United States. Among his campaign promises, Trump has vowed to remove Gary Gensler as SEC Chairman on his first day in office. Gensler's tenure has been marked by rigorous enforcement actions against crypto firms.
In addition to reshaping the SEC's leadership, Trump plans to dismantle “Operation Choke Point 2.0,” an initiative viewed by many in the crypto sector as governmental overreach affecting bank access for legitimate business operations.
The potential appointment of a pro-crypto SEC chair, such as Commissioner Hester Peirce—often referred to as “Crypto Mom” for her supportive stance on digital assets—has led to speculation that the SEC may reconsider ongoing litigation against crypto firms, including the one against Ripple.
At press time, XRP traded at $0.5321.
Featured image from YouTube, chart from TradingView.com
