Ripple CEO Brad Garlinghouse has expressed his excitement over the recent election results, which saw a significant number of pro-crypto candidates winning seats in the US Congress. Through his social media platform, Garlinghouse highlighted data from Stand with Crypto, emphasizing that the voice of the crypto voter has been heard loud and clear. This article delves into his perspectives on the future of the crypto space and how this political shift might influence the ongoing SEC vs Ripple lawsuit.
Pro-Crypto Congress Takes Center Stage
This election cycle has proven to be a pivotal moment for cryptocurrency advocates. The success of candidates such as Bernie Moreno, Ritchie Torres, and Kirsten Gillibrand, who have been outspoken supporters of crypto-related issues, has fueled optimism for more balanced and favorable regulations. Despite some setbacks, such as the defeat of crypto advocate John Deaton by Senator Elizabeth Warren, the overall sentiment in the crypto community remains positive, with hopeful anticipation for a Congress that could foster clearer regulations and a supportive environment for crypto growth.
Former President Trump has previously promised measures to support the crypto industry, and with a more favorable Congress, many are eager to see if he will make good on these commitments.
Could This Congress Be the Break Ripple Needs?
The longstanding lawsuit between Ripple and the SEC has been a significant obstacle for Ripple and the broader cryptocurrency sector. Garlinghouse’s comments suggest a belief that the newly elected Congress could provide the regulatory clarity that Ripple has been seeking. Trump’s inclination to consider changes in SEC leadership, including potentially replacing Chair Gary Gensler, might also play a crucial role in this scenario. A shift in leadership could bring about a change in the SEC’s stance on cryptocurrencies, potentially influencing the outcome of Ripple’s legal battle.
Paul Grewal, the Chief Legal Officer at Coinbase, has hinted that the SEC’s influence could diminish if these pro-crypto leaders take decisive action. With a Congress more open to discussing pro-crypto initiatives, there is hope that Ripple’s legal challenge will garner the attention it needs, possibly paving the way for a more favorable regulatory environment.
What’s Next for Ripple and XRP?
The growing institutional interest in XRP is a promising sign for Ripple’s future prospects. Garlinghouse’s optimism about the potential for an XRP exchange-traded fund (ETF) seems more plausible than ever. Ripple’s current market performance remains robust, with a recent 3% increase, and XRP trading at $0.528. Analysts are predicting that this momentum could drive XRP prices even higher, with some forecasts suggesting a possible rise to $1.10.
As Ripple’s legal proceedings continue, the SEC is expected to submit its opening brief by January 2025. However, with the influx of pro-crypto representatives in Congress, the industry could witness a shift towards more transparent regulations. This development may set the stage for a positive outcome for Ripple and other players in the crypto market.
