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Ripple CEO Brad Garlinghouse takes to top UK media outlet BBC to express optimism about XRP’s future and the potential impact of Donald Trump’s presidency on the U.S. crypto market.
In a startling development, the Ripple CEO joined BBC, a top UK media outlet, to discuss XRP for the first time on the platform. Before the interview commenced, the BBC interviewer provided insights into XRP-related developments, ranging from its prospect for a spot ETF and involvement in the SEC v. Ripple lawsuit.
Garlinghouse Anticipates Gensler Removal as SEC Chair
Discussing his expectations for the crypto market under Trump’s presidency, Garlinghouse referred to the U.S. president-elect as a strong crypto advocate. He highlighted the potential removal of SEC chair Gary Gensler as one of his key expectations for the new administration.
This aligns with Trump’s campaign speech at the 2024 Bitcoin Conference, in which he promised to fire Gensler on his first day in office. It is common knowledge that Gensler is not in the good books of many crypto enthusiasts due to his regulatory approach, which favors enforcement actions over clear rulemaking.
Garlinghouse suggested that the SEC chair has waged a war against the crypto industry, putting the U.S. behind other nations regarding clear crypto regulations. Hence, many crypto enthusiasts, including Garlinghouse, would consider Gensler’s exit a welcome development.
XRP Non-Security Status Remains Law of the Land
When asked about a potential resolution of the SEC v. Ripple lawsuit under the Trump-led administration, Garlinghouse refrained from giving a direct answer. However, he emphasized that XRP’s non-security status, as confirmed by U.S. District Judge Analisa Torres, remains the law of the land.
He noted that even though the SEC appealed a part of the ruling—specifically regarding institutional sales of XRP— the commission did not challenge XRP’s non-security status. Notably, he expressed frustration about the lack of clarity for other crypto assets, including Ethereum (ETH) and Solana (SOL).
Garlinghouse Criticizes SEC Labeling of Cryptos as Securities
Furthermore, the Ripple CEO criticized the SEC”s position that most cryptocurrencies are securities. He noted that this claim is meaningless, given that crypto holders do not enjoy the benefits of securities, such as participating in profit-sharing.
“[There is a need to] create clarity that the SEC is not the regulator that needs to own this [crypto] industry. They’ve been trying to regulate through enforcement rather than taking the time to write clear rules of the road,” he remarked.
Following Trump’s re-election, the crypto industry is anticipating his inauguration, slated for January 20, 2025. Many believe his administration would provide the path for clear and fair crypto regulations, positioning the industry for immense growth.