Donald Trump’s Presidency Could Transform US Crypto Regulation, Says Ripple CEO
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The Biden era was the worst for Ripple Labs. During the Democrat presidency the company faced numerous challenges, including tougher legal battles against the US regulators like the US SEC. The victory of Republican leader Donald Trump, who presented himself as a crypto saviour during the election campaign, has influenced the entire crypto sector, especially Ripple’s token, XRP, which has grown from $0.5031 to $1.1277 – nearly 124.15% – in less than two weeks.
In a recent interview given to a renowned global media house, Ripple Labs CEO Brad Garlinghouse shared his optimistic view about the upcoming Trump era. During that brief conversation, he opened up about some of his expectations. Here is what you should know.
Ripple’s Mission: Fixing Payment Inefficiencies
Primarily, highlighting the importance of urgent government intervention to address the shortcomings of the current cross-border payment framework, Garlinghouse projected utilising the possibility of the XRP platform as a perfect strategy to replace the current ‘slow and expensive’ cross-border payment framework with a new ‘faster and cost-effective’ one.
Impact of the SEC Lawsuit on Ripple
Notably, Garlinghouse admitted that his company’s legal battle against the US Securities and Exchange Commission has badly hampered its growth potential. Emphasising that nearly 95% of its current customer base is outside the US, he expressed skepticism about the potential of the company to regain its US user base without regulatory clarity.
Projecting the absence of regulatory clarity as the prime reason for the inability of the US to lead the industry, he pointed at the tremendous growth achieved by countries with better crypto regulations, such as Japan, the UK and Switzerland.
Trump’s Influence on Crypto Regulation
During the US election campaign itself, Trump conveyed his intent to revamp the crypto regulation framework. Like many crypto leaders, the Ripple CEO also expressed confidence in Trump’s ability to bring clarity to the crypto regulation landscape.
Criticising the inefficiency of existing regulatory bodies like the US SEC and the Commodity Futures Trading Commision in understanding the unique characteristics of the crypto sector, Garlinghouse indirectly denounced the destructive role they have played in the past. He wanted the regulatory bodies to play a constructive role.
Coinbase’s Vision on the US Crypto Future: What Ripple CEO Thinks
While discussing the private meeting between Trump and Coinbase CEO Brain Armstorng, particularly about their vision to make the US a global leader in the digital asset sector, Garlinghouse expressed his optimistic view of making the country a central hub for digital assets and blockchain technology within the next five to ten years.
In conclusion, Ripple CEO Brad Garlinghouse believes Trump’s presidency could usher in a transformative era for the US crypto industry.
