A proposal to fire Gary Gensler, chairman of the US Securities and Exchange Commission (SEC) tops the list of proposals presented by Brad Garlinghouse to the incoming administration. Trump’s election victory has brought in a pro-crypto president besides producing the most crypto-friendly members of the House and Senate.
According to a post on X, Ripple CEO Brad Garlinghouse has outlined a list of proposals he believes Donald Trump needs to prioritize during his first 100 days in office. Garlinghouse 100-day checklist for Trump cites a number of proposals aimed at overhauling the existing regulatory framework.
100-Day checklist for Trump Seeks Clarifications
In addition to emphasizing the need for regulatory clarity, the Ripple chief executive officer believes his proposal to fire Gary Gensler will bring in a replacement with people having regulatory experience and holding crypto-friendly positions, citing Chris Giancarlo, Brian Brooks, or Dan Gallagher as examples.
Garlinghouse additionally proposed that the president-elect organize a bipartisan dinner to ramp up support for the Digital Asset Market Structure Bill, which aims to create a clear regulatory framework for the crypto industry. Garlinghouse’s 100-day checklist for Trump additionally seeks clarification on cryptocurrencies, asking the President-elect to offer “some clarity … similar to XRP and BTC that ETH is not security.”
Promise to Fire Gary Gensler on First Day in Office
Supporting the Ripple CEO’s proposal urging Trump to fire Gary Gensler on day one of his administration, the firm’s Chief Legal Officer Stuart Alderoty stated it was necessary for the President to act swiftly and end the “regulation-by-enforcement approach” the crypto industry has had to endure over the years. Alderoty emphasized that it was important for Trump to successfully position the United States as “the crypto capital of the world.” Alderoty took time to thank Trump for giving an ear to the Ripple story, highlighting the fact that he had won a “hard-fought race and for invigorating the democratic process… and prioritized crypto as a key policy issue.”
The call to fire Gary Gensler began way back in July in the heat of the campaign period when Trump, a former Bitcoin critic, addressed the largest US Bitcoin Conference. Then, the Republican presidential candidate stated he would fire Gary Gensler on his first day in office in the event he won the then hotly contested election. Trump was so adamant about his pledge that he repeated it twice, and the crowd applauded him with a standing ovation. Now that the American electorate has played the role and made the former President a future president, only time will tell whether he will actually fire Gary Gensler in January.
Ripple to Benefit if Trump Keeps His Pledges
Gary Gensler and the agency he has chaired for several years have been a thorn in the flesh of the crypto industry with numerous lawsuits against digital asset companies. Whereas most crypto companies went on to win the legal battles against them or agreed on some form of settlement, Gensler never provided a clear regulatory framework on the place of cryptocurrencies, leading to confusion on which among them qualified to be securities.
The protracted Ripple vs. SEC case, which has stood out like a sore thumb and repeatedly made the headlines in the United States and globally, started four years ago. The SEC dragged Ripple Labs and its leaders to court, stating that the initial XRP sales involved unregistered securities worth $1.3 billion. The yet-to-be-resolved case has gone through numerous developments, and it seems like, thanks to the outcome of the 2024 US election, Ripple could gain immensely if Trump keeps his pledge to fire Gary Gensler from the SEC’s helm as soon as he assumes office.
Conclusion
As the incoming Trump administration takes office, there are high hopes within the crypto space that they could bring substantial changes to the digital asset regulatory landscape. Apart from the pledge to fire Gary Gensler during his first day in office if he won the election, it shall be remembered that Trump also promised to dismantle Operation Choke Point 2.0, an initiative that many players within the crypto space believed was a government trying to deny bank access to legitimate crypto businesses. Only time will tell if Trump will honour Ripple’s 100-day checklist for Trump and its effect within the industry.
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