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- XRP surged double digits amid rumors of Ripple CEO’s meeting with President-elect Trump.
- 18 U.S. states sued the SEC, citing crypto regulation overreach under Gary Gensler.
- Robinhood relisted XRP after regulatory clarity on Ripple’s SEC lawsuit win.
Ripple Labs CEO Brad Garlinghouse is facing criticism after a rumor of a meeting with President-elect Donald Trump. The supposed conversation said to be held around Ripple’s XRP and CBDCs, has attracted negative reactions from the community and its timing when the price of XRP skyrocketed.
Other executives in the cryptocurrency industry have also commented on Ripple’s likely influence over U.S. cryptocurrency regulations. Consequently, the ex-Messari CEO Ryan Selkis accused Garlinghouse on Twitter of pushing for XRP and CBDC projects, a claim that gained some traction from Pierre Rochard of Riot Platforms, the Vice President of Research. Rochard criticized Ripple for what he described as an “anti-Bitcoin agenda,” warning against the company’s influence in shaping U.S. cryptocurrency regulations.
We can’t let Ripple co-opt the United States policymaking process with their anti-bitcoin agenda.
— Pierre Rochard (@BitcoinPierre) November 16, 2024
Hopefully Trump will staff his Administration with more bitcoiners! https://t.co/TiXxAMRF7h
Rochard also encouraged the incoming Trump administration to prioritize appointing Bitcoin advocates to key policymaking roles. The calls for action highlight growing tensions between Bitcoin proponents and companies like Ripple that advocate for blockchain solutions beyond Bitcoin’s scope.
XRP Price Rally Fuels Speculation
XRP’s value recently surged by double digits, further fueling speculation about Garlinghouse’s rumored meeting with Trump. During a Fox Business interview, Garlinghouse neither confirmed nor denied the meeting but spoke positively about Trump’s perceived alignment with the crypto industry.
“The crypto industry has embraced Trump, and Trump has embraced the crypto industry,” Garlinghouse stated. He is hopeful for greater innovation and entrepreneurship under the new administration, stating Trump’s claimed intent to fire Gary Gensler, SEC Chair.
Gensler’s SEC has been accused of being a “regulation-by-enforcement” agency that has clipped the wings of several America-based crypto projects. The expectations of regulatory easing under Trump have appealed to many in the industry.
States File Lawsuit Against SEC Amid Policy Disputes
In addition, 18 states, including Texas, Wyoming, and Ohio, sued the SEC and accused Gensler of overreaching in enforcing cryptocurrency regulations. The lawsuits assert that the SEC is overstepping its jurisdictions and needs to be clearer, thus slowing the industry’s growth.
Legislators and industry players have criticized the US SEC for not offering a legal structure for cryptocurrencies and preferring enforcement against key personalities. Ripple has been mainly targeted by regulators following the SEC’s lawsuit filed in 2020 to consider alleging XRP unregistered security.
In a positive development for Ripple, Robinhood Crypto recently reinstated XRP on its platform. The relisting marks renewed confidence in XRP as regulatory clarity improves. The token had previously been delisted following the SEC’s lawsuit against Ripple.