Ripple CEO Brad Garlinghouse has shared some good news for XRP and the crypto community at large. Garlinghouse said that Donald Trump has finally chosen Scott Bessent, a hedge fund manager known for his pro-crypto stance, as the next Treasury Secretary.
Given Bessent’s track record and Garlinghouse’s optimism, this could signal the end of the long-running battle between Ripple and the SEC and open new doors for the industry.
Scott Bessent there?
Scott Bessent, founder of Key Square Group, has been tapped by Trump to head the U.S. Treasury. With a background on Wall Street and experience working with George Soros, Bessent has a wealth of financial knowledge. He was also an early supporter of Trump's 2024 campaign.
Bessent has voiced his support for Trump’s plan to create a Strategic Bitcoin Reserve. He shares Trump’s vision of boosting U.S. competitiveness and addressing trade imbalances. Trump has emphasized that Bessent will promote policies that align with his “America First” agenda.
But Trump didn't stop there, he also nominated Congresswoman Lori Chavez-DeRemer as US Secretary of Labor to improve wages and restore jobs in the manufacturing industry.
Ripple CEO: Bessent, the perfect choice!
Additionally, Ripple CEO Brad Garlinghouse tweeted his support for Scott Bessent as US Treasury Secretary. He believes Bessent is the perfect choice, especially in promoting innovation and supporting cryptocurrencies.
Garlinghouse suggests that Bessent may be the most crypto-friendly Treasury Secretary the United States has ever had.
Garlinghouse believes Bessent can help shape policies that promote growth in the cryptocurrency industry, creating a more favorable regulatory environment for digital currencies.
XRP price reacts
The announcement had a significant impact on the XRP market. In response, the price of XRP surged more than 60%, reaching $1.56. This sharp increase highlights growing optimism in the cryptocurrency space, fueled by the potential for a more crypto-friendly environment under Bessent’s leadership.
What's Next for Ripple vs. SEC?
With Gary Gensler set to leave the SEC in January 2025, speculation about the future of Ripple’s lawsuit against the SEC is growing.
XRP advocate Jeremy Hogan believes the case could be resolved in the spring or early summer of 2025. If Bessent’s appointment leads to more favorable policies, the case could finally come to a close.
