The 2024 United States Presidential Election has ushered in a new chapter for cryptocurrency regulations, with Donald Trump emerging victorious. This notable political shift is poised to pave the way for clearer guidelines and potentially diminish the Securities and Exchange Commission’s (SEC) antagonistic stance towards digital currencies.
Ripple CEO Brad Garlinghouse, a prominent figure in the crypto community, has openly celebrated Trump’s win. On November 5, he expressed his enthusiasm on the social media platform X, asserting, “To everyone who doubted it: the crypto voter is here to stay, loud and clear!” This declaration underscores the pivotal role that crypto voters played in shaping the election outcome, as pro-crypto candidates from both political parties largely triumphed.
Crypto Voter Influence and Celebrations
The underestimated crypto voter block has proven its strength in the 2024 elections, with several pro-crypto candidates clinching victory. Garlinghouse extended his congratulations to notable figures like Bernie Moreno, Ritchie Torres, Kirsten Gillibrand, and Andy Barr for their successful campaigns. These victories signify a transformative shift in political preferences towards embracing cryptocurrency as a critical issue.
Coinbase CEO Brian Armstrong also weighed in on the election results, particularly highlighting Bernie Moreno’s success in the Ohio Senate race against crypto-opponent Sherrod Brown. Armstrong remarked, “Being anti-crypto is simply bad politics,” emphasizing that Moreno’s understanding of crypto’s significance for America’s future was key to his victory. He further noted that Moreno and the crypto community supporting him recognize the potential benefits of digital currencies.
Will Trump Drive Bitcoin Adoption?
The return of Trump and the ascension of pro-crypto candidates are expected to catalyze Bitcoin and cryptocurrency adoption. Trump’s campaign promises included removing SEC Chair Gary Gensler on his first day in office, signaling potential changes in regulatory oversight. With Gensler’s term nearing its end, the long-standing Ripple vs SEC lawsuit could soon reach a resolution, bringing much-needed regulatory clarity to the crypto industry.
Coinbase Chief Legal Officer Paul Grewal hinted at the positive implications of the ‘crypto win,’ suggesting it might ease legal challenges against cryptocurrencies. He speculated, “I’m going to guess that at least a couple of Supreme Court Justices now feel free to make retirement plans,” hinting at the broader judicial impacts of these political changes.
Institutional Interest in XRP Continues to Rise
Institutional interest in XRP, a key player in the cryptocurrency world, is on the rise. Ripple’s Garlinghouse recently highlighted this trend, noting that despite the SEC’s diminishing credibility and reputation due to its anti-crypto stance, XRP’s appeal to institutional investors remains strong. This development fuels speculation that an XRP Exchange-Traded Fund (ETF) could soon become a reality.
In the latest twist of the ongoing XRP lawsuit, the Second Circuit Court of Appeals has mandated that the SEC must submit its brief by January 15, 2025, in its ongoing legal battle with Ripple. Amidst these legal proceedings, XRP has experienced a 4% increase in value over the past 24 hours, trading at $0.54. Market analysts are forecasting a significant bull run for XRP, adding to the excitement surrounding its future.
In conclusion, Donald Trump’s 2024 election victory and the rise of pro-crypto candidates signal a potential transformation in the cryptocurrency landscape. As regulatory clarity improves and institutional interest grows, the crypto market, led by Bitcoin and XRP, may be poised for substantial growth and adoption in the coming years.
