Ripple and Trump: A Very Controversial Connection
Ripple’s CEO Brad Garlinghouse is coming under attack from crypto executives amidst rumors he had a secret meeting with President-elect Donald Trump. According to critics, Ripple is trying to influence U.S. cryptocurrency policies as an advantage.
Ryan Selkis, founder of Messari, accused Garlinghouse of “shilling” Ripple’s XRP token and backing central bank digital currencies. Pierre Rochard, VP of Research at Riot Platforms, also responded to Selkis, attacking Ripple for its apparent “anti-Bitcoin agenda” and warned about its possible influence in shaping U.S. policymaking.
These accusations have led to broader debates within the crypto community regarding Ripple’s position in the industry and its lobbying for regulatory favor.
XRP Surges Amid Speculation
But despite the controversy, XRP, the native currency of the Ripple blockchain, jumped more than 17% on November 15 alone. The price increase has to do with speculation that Trump’s presidency will mean a more crypto-friendly climate of regulation.
Investors are hopeful that Trump’s vows to dismantle the existing policy framework and oust SEC Chairman Gary Gensler could be just what the industry needs. Their optimism has triggered intense market activity, led by XRP among the top cryptocurrencies.
Garlinghouse: Crypto’s Future Bright Under Trump
During an appearance on Fox Business, Garlinghouse neither denied nor confirmed the meeting with Trump. He nonetheless said he was confident of Trump supporting innovation in the crypto sector.
Garlinghouse said, “The crypto industry has embraced Trump and Trump has embraced the crypto industry. He continued to underscore entrepreneurship and innovation, and referred to the market’s reaction to Trump’s victory as proof of that enthusiasm for a new approach from regulators.
He blamed Gensler’s regulatory stance as the principal issue crypto firms face while operating in the United States. Clearly, investors and entrepreneurs alike like the sound of Trump’s pledge to fire Gensler on his first day as president.
Greater Implications on U.S. Crypto Regulation
In the spate of lawsuits following Trump’s re-election, 18 states have sued Gensler over accusations of federal overreach against the crypto industry. Put against the rumor of the alleged Ripple-Trump connection, these incidents belie the growing tension between federal regulators and the blockchain sector.
While Ripple remains under scrutiny for its role in shaping U.S. crypto policy, the industry itself is bracing for changes to come under the Trump administration. Whether Ripple will be among such leaders in this evolving landscape remains to be seen.
