Ripple CEO: 'Trump Effect' Boosting US Crypto Market
In a tweet on January 5, the CEO noted that since the election, Ripple has seen a significant increase in business opportunities and deals within the United States.
Garlinghouse said Ripple signed more U.S. deals in the last six weeks of 2024 than in the previous six months combined. The surge in trading activity is attributed to optimism surrounding the Trump administration. There is also a widespread belief that his policies will create a more favorable regulatory environment for cryptocurrency companies.
The Ripple CEO also shared that 75% of open positions at the company are now based in the US, a significant shift from the previous four years when most of the company's hiring was done outside the US.
Garlinghouse has also been an avid supporter of Donald Trump. The company pledged $5 million in XRP to Trump’s inauguration celebrations. In November, the CEO also donated another $25 million to Fairshake, a pro-cryptocurrency political action committee.
“Team Trump is already driving innovation and job growth in the US with Scott Bessent, David Sachs, Paul Atkins and others at the helm, and they haven’t even taken office yet! Say what you want, but the ‘Trump Effect’ is making crypto great again,” Garlinghouse said.
Scott Bessent, David Sachs, and Paul Atkins are seen as champions of pro-crypto policies and are set to play key roles in the new administration.
In his tweet, Garlinghouse also talked about how Trump's victory is "personal" for Ripple after the SEC froze their operations.
For context, Ripple has been embroiled in a lengthy legal battle with the Securities and Exchange Commission. The SEC accused the company of conducting an unregistered securities offering through the sale of its XRP token.
What's next for Ripple?
A recent positive development for Ripple is that its RLUSD stablecoin received approval from New York’s financial regulator in December. RLUSD is expected to provide strong competition to stablecoins USDT and USDC.
There is also hope that XRP ETFs could become available this year. ETF issuers like WisdomTree, Bitwise, and Canary Capital have already filed applications to the SEC for XRP ETFs. Approval could send XRP to new highs in 2025. At press time, it is trading at $2.40, up 0.49% in the past 24 hours.
Interestingly, it’s not just Ripple that’s shifting its focus to the US following the change in administration. Bitcoin miner Hive Digital recently decided to move its headquarters from Vancouver to Texas, citing Trump’s pro-Bitcoin stance.
