During a recent appearance on Fox News, Ripple’s chief executive, Brad Garlinghouse, spoke about the aftermath of Donald Trump’s victory in the 24 US presidential elections.
He believes the US crypto industry will benefit a lot from a more ‘lawful’ administration.
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The US Crypto Industry Won
Although it has been just a week or so after it became official that the next US president will be the self-proclaimed ‘crypto choice,’ Donald Trump, the effects on the digital asset industry are more than evident, with the total market cap adding more than $800 billion and reaching a new all-time high of over $3.2 trillion.
According to Ripple’s CEO, this is because the US crypto industry was attacked ‘for years’ by the former administration and the Gensler-led Securities and Exchange Commission. Recall that the agency has launched numerous lawsuits against crypto companies, including Ripple, alleging that their native tokens are unregistered securities.
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However, Gensler and the Commission have failed to specify the exact nature of crypto tokens and why are they supposed to be considered as securities. There has been little to no regulatory clarity under the current SEC supervision, which has resulted in many industry experts questioning the agency’s actions and motives.
Now, though, the landscape seems entirely different, Garlinghouse added, given that the so-called war on crypto will probably end under Trump’s administration, and, especially after Gensler expected departure from the SEC.
“Since election day, the best performing crypto assets are all US companies or US technologies. This shouldn’t be a surprise. The United States SEC has been manipulating and putting pressure on these US companies and US technologies, and now that pressure comes off, and they explode upwards.” – he noted.
Meeting With Trump?
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After Cardano’s Charles Hoskinson, rumors started to appear that Garlinghouse also met with Trump or some of his future representatives about his potential involvement in establishing crypto policy in the US. During his Fox News appearance, he was asked whether those speculations had any merit.
Although he didn’t confirm exactly, his answer only enhanced the rumors about that meeting.
“I’m not going to comment on too many specifics here. We have been active throughout this election cycle in being very pro-crypto, pro-innovation.” He added that they have strived to work with more friendly government officials in order to get rid of the current regulation by enforcement.
