Ripple CEO Brad Garlinghouse has expressed his enthusiasm as pro-crypto candidates make significant strides in the US elections. Sharing insights from his X account, Garlinghouse highlighted data from Stand with Crypto, indicating that the crypto voter has spoken decisively. This article delves into the potential developments in the crypto space and how the new administration might influence the ongoing SEC vs Ripple lawsuit.
Pro-Crypto Congress Takes Center Stage
The recent election season marked a notable triumph for crypto advocates. With Garlinghouse applauding the victories of outspoken candidates such as Bernie Moreno, Ritchie Torres, and Kirsten Gillibrand, the anticipation for balanced crypto regulations is palpable. Despite some setbacks, such as the defeat of crypto advocate John Deaton by Senator Elizabeth Warren, the crypto community celebrates this significant win. There is now a renewed optimism that Congress will foster a clear and supportive regulatory environment, a promise that has been long anticipated under the current administration.
Could This Congress Be the Break Ripple Needs?
The Ripple vs SEC lawsuit has posed a considerable obstacle for Ripple and the broader crypto industry. Garlinghouse’s comments suggest a belief that the new Congress might offer the regulatory clarity Ripple has been seeking. With discussions of potentially replacing SEC Chair Gary Gensler, spurred by the current administration’s intentions, the SEC’s approach to crypto could shift significantly. This change in leadership may directly impact Ripple’s case.
Paul Grewal, Coinbase’s Chief Legal Officer, has hinted that the SEC’s influence could diminish if these pro-crypto leaders take decisive action. A Congress open to crypto-friendly discussions might finally give Ripple’s legal battle the attention it needs. In a further statement, Grewal expressed hope that the SEC will recognize the reasons behind this administrative shift, as it reflects the voters’ desire for change.
What’s Next for Ripple and XRP?
As institutional interest in XRP continues to surge, Garlinghouse’s aspiration for an XRP exchange-traded fund (ETF) seems increasingly attainable. Ripple’s market performance remains robust, with a recent 3% gain, trading at $0.528. Experts foresee this momentum potentially driving XRP prices higher, with some optimistic projections reaching $1.10.
Looking ahead, the Ripple case will advance, with the SEC scheduled to file its opening brief by January 2025. However, with pro-crypto representatives in Congress, the industry might witness a shift towards more transparent regulations, possibly setting the stage for a positive outcome for Ripple and other key players in the crypto sector.
