As a seasoned crypto investor with a decade-long journey through the tumultuous seas of digital assets, I find Garlinghouse’s optimism about Trump’s pro-crypto stance both encouraging and plausible. Having witnessed the meteoric rise and fall of several altcoins, I can attest to the transformative potential that clear regulations can bring to this industry.
In a recent interview with FOX Business, Brad Garlinghouse, CEO of Ripple Labs, shared insights on the so-called “Trump trade” impacting crypto prices, as evidenced by Bitcoin’s recent streak of consecutive all-time highs over the past 48 hours.
Additionally, Garlinghouse touched upon how Ripple and the wider digital assets sector align with the anticipated regulatory environment under President-elect Donald Trump during the forthcoming year.
Ripple CEO Optimistic About Trump’s Pro-Crypto Stance
Garlinghouse underscored that from its beginning, Ripple has been dedicated to resolving the drawbacks of conventional cross-border payments, which he characterized as “sluggish and pricey.” Through the use of XRP, the company intends to simplify these transactions, thereby making them quicker and more affordable.
Despite the criticism from the CEO, the Biden administration’s viewpoint on digital assets has been characterized as a “potential legal battle” against the sector. He remains hopeful that, under Trump’s supportive stance towards cryptocurrencies, the environment could see significant changes.
Speaking on the possibility of enhanced income prospects in the U.S. due to impending regulatory adjustments, Garlinghouse pointed out that the ongoing legal action by the Securities and Exchange Commission (SEC) against XRP had essentially halted Ripple’s growth potential within the nation.
As a crypto investor, I’m finding it challenging to witness the growth potential of Ripple being hindered due to unclear regulations within the US. Since 95% of its customer base resides outside this region, Garlinghouse has emphasized that the company is unable to fully flourish in a market where regulatory certainty is absent.
According to Garlinghouse, it’s noticeable that countries such as China, Japan, the United Kingdom, and Switzerland are thriving with the growth of cryptocurrency, while the U.S. has yet to fully embrace digital assets.
The chief executive of Ripple voiced optimism that the expected relaxation of regulations during the Trump administration might result in more transparent rules. This could empower organizations such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to contribute positively to the industry’s development by providing guidance.
Household name, Garlinghosue, expressed dissatisfaction with the current regulatory structure, specifically pointing out concerns about the use of the Howey Test. He argues that this test doesn’t effectively tackle the distinct features of the cryptocurrency sector. Furthermore, he emphasized the importance of revising regulations to align with the rapid advancements and realities of an industry that has grown substantially over the last ten years.
US As Digital Asset Hub In Coming Years
During the interview, FOX Business highlighted comments from Coinbase’s Chief Policy Officer, Faryar Shirzad, regarding the private meeting between Trump and Brian Armstrong, CEO of Coinbase.
Shirzad pointed out that Trump has shown interest in collaborating with the crypto sector, envisioning the U.S. as a top player in digital currencies. Garlinghouse shared similar views, acknowledging Coinbase’s significant influence in championing the cryptocurrency cause throughout the election period.
With various names circulating as potential nominees for the SEC chair role during Trump’s tenure – such as Dan Gallagher, Teresa Goody, and Commissioner Mark Uyeda – Garlinghouse underscored the need for the incoming chair to work closely with Congress to tackle regulatory loopholes that create market uncertainty.
Garlinghouse expressed a positive perspective, suggesting that a new age for cryptocurrencies could be approaching in the United States. He imagines the nation as a key player in the global digital assets and blockchain scene within the next 5 to 10 years.
Currently, XRP is being transacted at approximately $1.10, representing a significant jump of 104% in the past two weeks following Trump’s election win. Yet, it remains 67% below its record high of $3,040 that it reached close to seven years ago.
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2024-11-21 09:40