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- Ripple CEO Brad Garlinghouse has openly criticized the SEC, particularly under Gary Gensler’s leadership. He has demanded greater accountability in its approach to crypto regulation.
- Garlinghouse contends that the SEC’s stringent enforcement actions have hindered innovation. This has created uncertainty within the digital asset sector.
- The recent election has amplified pro-crypto sentiments, with Trump’s victory fueling optimism among advocates for potential regulatory reforms.
Ripple (XRP) has long been considered one of the most promising cryptos despite facing significant challenges from the U.S. SEC. The token won significantly against the SEC’s accusations a few months ago and is now seeking long-term justice.
Brad Garlinghouse has been vocal in his criticism of the SEC, particularly under the leadership of Gary Gensler. He has called for the SEC to be held accountable for its regulatory approach. This, he argues, has negatively impacted the broader digital asset industry.
Garlinghouse has expressed concerns regarding the SEC’s actions and their effects on the market in light of the U.S. election. Ripple CEO urged Donald Trump to remove SEC Chair Gary Gensler immediately upon taking office. Trump’s influence could bring much-needed clarity to XRP’s legal status.
With growing support for cryptocurrency in Congress, a shift in regulatory stance could significantly benefit XRP. The potential removal of Gensler and a regulatory overhaul could pave the way for the XRP price to reach $1.
Trump’s political influence and increasing pro-crypto sentiment in Congress set the stage for substantial gains in the crypto space. For more insights, continue reading.
Ripple CEO Claims XRP Now 7the Was Once 2nd On CoinMarketCap
Since the election, Brad Garlinghouse has been actively posting about the potential market changes under the new administration. In his latest thread on X, he hinted at the progress XRP might achieve despite its past challenges.
Garlinghouse reflected on Ripple’s difficult journey over the years. Once the second-largest cryptocurrency, XRP now ranks seventh on CoinMarketCap. The token has faced significant setbacks due to external pressures like the SEC lawsuit.
#XRP community in 2025: pic.twitter.com/TFWXPa7s4i
— JackTheRippler ©️ (@RippleXrpie) November 7, 2024
Brad Gralinghouse expressed his gratitude to the XRP community. Also, he acknowledged the frustration caused by the SEC’s involvement in determining XRP’s status.
However, he remains hopeful, stating on X, “FINALLY we see a light at the end of the tunnel.” His optimism stems from the diminishing influence of external market forces, including the SEC’s stringent regulations.
Ripple CEO Brad Garlinghouse Tries for Transparent Crypto Regulations
Gary Gensler’s leadership at the SEC has led to increased enforcement actions against the crypto industry. This has resulted in lawsuits and Wells Notices for significant firms like OpenSea, Robinhood, and Uniswap. That has heightened tensions between regulators and the industry.
Industry leaders, including Brad Garlinghouse, argue that the SEC’s regulation-by-enforcement strategy has hindered innovation and created uncertainty. They advocate for a more balanced approach, emphasizing the need for clear and consistent regulations to foster growth.
These issues were highlighted in the recent election, where many in the crypto community supported pro-crypto candidates. John Deaton, a strong pro-crypto advocate, performed well in Massachusetts. He has gained support even from non-Trump supporters.
Garlinghouse Urges Replacement Of SEC-Chair
With Trump’s victory, crypto advocates are optimistic about a new direction for the SEC. During his campaign, Trump pledged to remove Gary Gensler and clarify crypto regulations.
Potential replacements for Gensler include SEC Commissioners Hester Peirce and Mark Uyeda. It also involves Robinhood’s Chief Legal Officer, Dan Gallagher. In his post-election remarks, Brad Garlinghouse congratulated Trump and proposed an agenda for advancing the digital asset industry.
Garlinghouse mentioned that former Chris Giancarlo, Brian Brooks, and Daniel Gallagher could be suitable candidates for SEC Chair replacement.
Transparent Regulations Might Increase Crypto Innovation
Brad Garlinghouse has urged the new administration to introduce a comprehensive digital asset market bill in the Senate.
He emphasized the importance of bipartisan cooperation in creating clear regulatory guidelines for the crypto industry. This could reduce regulatory burdens on crypto firms and foster innovation in the digital asset space.
Ripple CEO also highlighted the need for clarity on Ethereum‘s legal status. He urged that whether the digital currency is classified as a security could be determined. He believes that transparent guidelines would help stabilize the crypto sector within a well-defined regulatory framework.
XRP’s $1 Breakout Looms
XRP price is currently trading at approximately $0.5500, reflecting a 2.35% increase over the past 24 hours. On the weekly chart, the token’s price formed a tightening symmetrical triangle. It is a pattern that often precedes significant price movements.
This formation has been developing since 2021. The XRP price has oscillated between a descending resistance line and an ascending support line. Once it clears the descending trendline, the target would be $1.
An analyst wrote a post regarding the XRP price on X. There; he suggested that if the price ****achieves a weekly close above $1.10, it could solidify a strong support level at $1. This would pave the way for a rally, possibly climbing prices to $1.60.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
