With Donald Trump’s victory in the 2024 US Presidential Elections, the stage is set for substantial changes in the landscape of cryptocurrency regulations. This landmark event signifies a potential end to the U.S. Securities and Exchange Commission’s (SEC) stringent stance against digital currencies. The crypto industry is abuzz with optimism as this transformation unfolds.
The Crypto Community Celebrates a Political Milestone
Among those celebrating is Ripple CEO Brad Garlinghouse, who took to social media platform X on November 5th to express his enthusiasm. “To everyone who doubted it: the crypto voter is here to stay, loud and clear!” he proclaimed, highlighting the underestimated yet powerful influence of the crypto voter bloc in the recent elections.
Pro-crypto candidates across both political parties secured significant victories, showcasing a shift in political preferences. Garlinghouse extended his congratulations to crypto advocates Bernie Moreno, Ritchie Torres, Kirsten Gillibrand, and Andy Barr for their successful campaigns. This marks a pivotal moment for the crypto community, which has long sought representation in the political arena.
Political Shifts and the Rise of Pro-Crypto Candidates
Coinbase CEO Brian Armstrong also acknowledged the triumph of pro-crypto candidates, particularly Bernie Moreno’s victory in the Ohio Senate race against crypto opponent Sherrod Brown. Armstrong emphasized, “Being anti-crypto is simply bad politics.” He pointed out that Moreno and his supporters recognize the growing importance of cryptocurrency in America’s future and are committed to advocating for its benefits.
Although the crypto community celebrated these wins, John Deaton’s defeat against Senator Warren was a setback. However, the overall success of pro-crypto candidates signals a significant political shift toward embracing digital currencies.
Will Trump Drive Bitcoin Adoption?
The re-election of Trump and the influx of pro-crypto candidates are poised to accelerate the adoption of Bitcoin and other digital currencies. During his campaign, Trump pledged to dismiss SEC Chairman Gary Gensler, a promise that could soon materialize as Gensler’s term nears its end. This change could expedite the resolution of the Ripple vs SEC lawsuit, ushering in a new era of regulatory clarity for the crypto industry.
Coinbase’s Chief Legal Officer, Paul Grewal, suggested that the recent ‘crypto win’ could halt legal pressures against the industry. He remarked, “I’m going to guess that at least a couple of Supreme Court Justices now feel free to make retirement plans.”
Institutional Interest in XRP Continues to Rise
Ripple’s Garlinghouse also revealed a growing institutional interest in XRP products, which coincides with the SEC’s waning credibility due to its adversarial approach toward the crypto sector. This development suggests that the launch of an XRP Exchange-Traded Fund (ETF) could be on the horizon.
In the ongoing XRP lawsuit, the Second Circuit Court of Appeals has mandated that the SEC submit its brief by January 15th, 2025. Meanwhile, XRP has seen a 4% increase in value within the past 24 hours, currently trading at $0.54. Analysts are optimistic, forecasting a potential bull run for XRP in the near future.
This shift in the political and regulatory landscape could herald a new era of growth and acceptance for cryptocurrencies, with significant implications for investors and enthusiasts alike.
