In a major announcement, US President-elect Donald Trump has named Scott Bessent as his next Treasury Secretary. The choice has sparked excitement in the crypto community, including Ripple CEO Brad Garlinghouse, who called Bessent âthe perfect choiceâ for the strategic position.
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Why is this announcement important?
Pro-Innovation Stance: Scott Bessent is known for his support of cryptocurrencies and his innovation-focused approach. He could become one of the most pro-crypto Treasury Secretaries in history.
Ripple and XRP Optimism: Brad Garlinghouse sees this nomination as a major opportunity for XRP, the stablecoin RLUSD, and for a clear regulatory framework in the United States.
A Turning Point for the Ripple-SEC Lawsuit?: Many experts believe this momentum could accelerate a positive resolution in the case between Ripple and the SEC.
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Market reactions
XRP hits $1.62: With this announcement, XRP has surged 12% in 24 hours and is showing a weekly gain of over 60%. Analysts are now predicting that the token could reach $2.
Cardano (ADA) Crosses $1: ADA also benefited from this momentum, registering a 22% gain in 24 hours and surpassing the symbolic $1 mark.
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Key points to remember
John Deaton endorsement: The pro-XRP attorney welcomed the nomination and called on the administration to reevaluate the SECâs leadership.
Consensus among crypto leaders: Charles Hoskinson (Cardano) and Jeremy Hogan (crypto lawyer) also expressed optimism about the impact of this decision on the industry.
An impressive profile: Scott Bessent is famous for his economic strategies, including his historic bet against the pound in 1992.
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And now ?
Wall Street and the crypto ecosystem are eagerly awaiting policy clarity from Scott Bessent. The appointment could accelerate cryptocurrency adoption and provide much-needed regulatory clarity in the United States.
đŹ What do you think? Will this development mark a turning point for $XRP and all cryptos?
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