Ripple CEO Brad Garlinghouse revealed a significant change in the company's hiring strategy, with 75% of open positions now based in the U.S. Garlinghouse believes this change is due to Donald Trump's re-election, stating, "Regardless of what you think, the 'Trump effect' is reviving the cryptocurrency industry."
Ripple Expands Its Presence in the U.S.
Garlinghouse emphasized that, over the past four years, most of Ripple's hiring activity has taken place outside the U.S. due to regulatory challenges under former SEC Chairman Gary Gensler. However, this trend has reversed with Trump's return to power.
"For Ripple, this is a personal matter. Gensler's SEC has frozen our operations for years. Now, we are growing back in the U.S.,” Garlinghouse said. He also noted that in the last six weeks of 2024, Ripple signed more agreements in the U.S. than in the previous six months, signaling the company's increasing influence in the U.S. market.
Trump's Electronic Currency Plan Revives the Industry
Trump's re-election has sparked a prolonged bull run in the cryptocurrency market, with significant gains for major cryptocurrencies like Bitcoin (BTC) and XRP. XRP's price soared 330%, rising from $0.55 to $2.41.
Trump has committed to making the U.S. the "capital of cryptocurrency," including plans to establish a national cryptocurrency reserve and ensure all Bitcoin mining occurs domestically. While these ambitious goals have energized the market, former BitMEX CEO Arthur Hayes expressed skepticism about their feasibility, warning that delays could trigger a significant sell-off.
New Era for Cryptocurrency Companies
Despite the instability, expectations surrounding the Trump administration have created opportunities for Ripple and other cryptocurrency companies. Experts warn that while policies may take time to yield results, the current situation offers a promising start for the sector.
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