Ripple Labs and CEO Brad Garlinghouse are facing harsh criticism from crypto industry leaders after rumors of a recent meeting between Garlinghouse and President-elect Donald Trump spread on social media.
Ryan Selkis, former CEO and founder of Messari, criticized Brad Garlinghouse, saying that he is actively shill XRP and deploying central bank digital currencies (CBDCs). Selkis' comments were echoed by Pierre Rochard, VP of Research at Riot Platforms, who echoed them. Rochard noted:
“We cannot let Ripple hijack the US policymaking process with their anti-Bitcoin agenda.”
He also expressed hope that the President-elect will appoint more Bitcoin advocates to key positions in his administration.
The rumored meeting between Garlinghouse and Trump is said to be one of the factors driving XRP's recent surge, with the coin's price posting double-digit gains.
XRP 1-day price chart | Source: TradingView
Garlinghouse optimistic about the future under the Trump administration
In a recent interview on Fox Business, Garlinghouse neither confirmed nor denied the rumored meeting with Trump. However, the Ripple CEO expressed optimism about the future of the crypto industry under Trump’s leadership, saying:
“The crypto industry has welcomed President Trump, and in return, he has shown his support for the industry. I believe it is a sincere welcome, because he clearly sees the opportunity, innovation, and entrepreneurship that lies within. I am very optimistic about the prospects that the future will bring.”
Garlinghouse also expressed that he was not surprised by the positive reaction of the crypto market following President Trump's victory on November 5. According to him, the hostility of Securities and Exchange Commission (SEC) Chairman Gary Gensler towards the crypto industry was a key factor in the crackdown on US-based crypto projects.
Support from Trump and the fight with the SEC
President-elect Trump pledged to fire Gary Gensler on his first day in office – a statement that received strong support from the crypto community and investors. Following Trump’s re-election, 18 US states filed a lawsuit against Gensler and the SEC, accusing him of violating states’ rights through “undue government interference” in the crypto industry.
In this context, the development of XRP and Ripple’s role in the crypto industry are becoming a controversial topic, as industry executives and leaders debate the influence Ripple may have on future US cryptocurrency policy.
