Ripple CEO Brad Garlinghouse Discusses Future Prospects Under Trump
In a recent interview with FOX Business, Brad Garlinghouse, CEO of Ripple Labs, discussed the impact of the "Trump trade" on cryptocurrency prices, highlighted by Bitcoin's recent all-time highs. He also addressed how Ripple and the digital asset sector will navigate the anticipated regulatory landscape under President-elect Donald Trump.
Ripple CEO Optimistic About Trump’s Pro-Crypto Stance
Garlinghouse emphasized Ripple's focus on improving traditional cross-border payments using XRP, aiming for faster and more cost-effective transactions. He criticized the Biden administration's approach to digital assets as an “unlawful war” and expressed hope that Trump's pro-crypto stance could lead to positive changes.
Regarding revenue opportunities in the US, Garlinghouse noted that the SEC lawsuit against XRP has stunted Ripple's potential market growth, with 95% of its customers outside the US. He pointed out that the US is lagging behind countries like China, Japan, the UK, and Switzerland in adopting digital assets.
He expressed optimism that deregulation under Trump would provide clearer guidelines for agencies like the SEC and CFTC, which could enhance industry development. Garlinghouse criticized the current regulatory framework, particularly the Howey Test, for inadequately addressing crypto's unique aspects and called for updated regulations reflecting the industry's evolution.
US As Digital Asset Hub In Coming Years
FOX Business reported comments from Coinbase’s Chief Policy Officer, Faryar Shirzad, about Trump's willingness to engage with the crypto sector, envisioning the US as a global leader in digital assets. Garlinghouse supported this vision, acknowledging Coinbase's role in advocating for cryptocurrency during the election campaign.
As discussions emerge regarding potential candidates for the SEC chair position under Trump, including Dan Gallagher, Teresa Goody, and Commissioner Mark Uyeda, Garlinghouse highlighted the necessity for collaboration between the new chair and Congress to clear regulatory confusion.
Garlinghouse concluded with an optimistic perspective, predicting a new era for cryptocurrency in the US, where the country could become a central hub for digital assets and blockchain technology within the next five to ten years.
At the time of writing, XRP is trading at $1.10, reflecting a 104% increase over two weeks since Trump's election victory, yet still 67% below its all-time high of $3.040 from nearly seven years ago.
Featured image from DALL-E, chart from TradingView.com