Ripple CEO Brad Garlinghouse has expressed renewed optimism about the future of cryptocurrencies in the United States under the new Donald Trump administration.
The cryptocurrency market has seen a significant resurgence following Trump’s election victory on November 5. Since his re-election as US President, the crypto market has seen a significant increase in market capitalization, surpassing $3,2 trillion at the time of writing.
Cryptocurrencies like Bitcoin have hit new all-time highs (ATH), while others like XRP have entered an uptrend, driven by expectations of a more favorable regulatory environment. Trump has promised to turn the United States into the “crypto capital of the world” and fire SEC Chairman Gary Gensler, fueling hopes for a pro-crypto era in the nation.
In this regard, Brad Garlinghouse has stressed his optimism regarding a possible restructuring of the Securities and Exchange Commission (SEC) under Trump's leadership.
If the re-elected US president follows through on his promises for the cryptocurrency industry, the country could remove the restrictive regulations that characterized Joe Biden's administration and have so affected the crypto sector, Garlinghouse said. His enthusiasm is based on Trump's promise to create a more favorable environment for cryptocurrencies and the confidence that this could drive innovation and growth in the industry globally.
Garlinghouse on cryptocurrency regulation
En statements In an interview with Fox Business, Garlinghouse noted that Trump’s return to the White House could mark a significant shift in the country’s regulatory approach to cryptocurrencies. Garlinghouse commented that the previous Biden-led administration was characterized by a restrictive stance that only hindered the growth of the cryptocurrency sector.
However, under the Trump administration, the regulatory landscape for cryptocurrencies could change, considering that the re-elected president has promised a series of measures that will favor the healthy development of the crypto industry. One of these measures is to fire the current SEC Chairman Gary Gensler and put a person open to innovation in charge of this federal agency. Trump also said that he would eliminate government bureaucracy, highlighting the creation of the Department of Government Efficiency (DOGE), co-led by Elon Musk and Vivek Ramaswamy, both cryptocurrency supporters.
So with all this on the table, Garlinghouse sees a real possibility that new leadership at the SEC could push for more favorable regulation and create new opportunities to revitalize the crypto market and strengthen U.S. leadership in innovation.
In the interview, Garlinghouse said that «The war on cryptocurrencies may finally be over», suggesting that the new US administration, which promises to be pro-crypto, could unleash the innovative potential of the wider sector.
The promise of regulatory clarity for cryptocurrencies
One of the key points of Trump's speech is his commitment to establishing clear and fair regulation for cryptocurrencies. During his campaign, he emphasized the need to eliminate excessive regulations and create an environment where digital assets can thrive without the restrictions imposed by the Biden administration. This includes the creation of an advisory council involving industry experts to ensure that policies are consistent and aligned with market needs.
Notably, Garlinghouse has expressed hope that under this new administration a regulatory framework will be established that protects consumers and encourages institutional investment. Regulatory clarity is critical to attracting more investors to the crypto space, and this could become a catalyst for sustained growth in the future.
Bloomberg recently reported that Trump's team is considering creating a new position in the White House, which will be dedicated exclusively to cryptocurrency policy. According to the outlet, the new administration is discussing this possibility with several people in the crypto industry. It even claimed that cryptocurrency advocates are lobbying the president-elect's team to give the new position a direct line to Trump.
XRP Surpasses $1 for the First Time Since 2021
Since Trump's election victory, the cryptocurrency market has seen a remarkable revival. For example, XRP, Ripple's native cryptocurrency, has seen a significant increase in its value, driven by renewed interest and confidence among investors in a possible change in the US regulatory framework.
According to CoinMarketCap data, the price of XRP surpassed $1 for the first time since November 2021, increasing by more than 100% in the last 30 days.
Source: CoinMarketCap
Garlinghouse and market analysts have attributed this phenomenon to expectations of the Trump administration's policies and favorable macroeconomic factors, along with growing institutional appetite for digital assets.
Garlinghouse’s optimistic outlook is shared by many other leaders in the crypto sector. With an administration willing to review and reform current policies, it is anticipated that the United States could regain its position as a global leader in blockchain technology and digital asset innovation. However, the concrete actions Trump takes upon assuming power will be crucial in determining whether this long-awaited change will actually be achieved.
