Ripple CEO Brad Garlinghouse reiterated his optimism for the future of XRP and the entire crypto space following the re-election of former President Donald Trump. As the market anticipates an imminent SEC restructuring, Garlinghouse sees better days ahead.
Since the election, Garlinghouse has been sharing posts reflecting on the potential changes the market could see under the new administration. In addition to the content, his latest X thread hinted at the possible progress that XRP will see despite previous difficulties.
The CEO of Ripple spoke about the platform’s difficult journey over the past few years. Ripple’s XRP token, which is now number 7th position on CoinMarketCap was once secondnd largest cryptocurrency. Due to external pressure, including an SEC lawsuit, the platform and its token suffered.
While expressing gratitude to the XRP community, Garlinghouse noted that the Securities and Exchange Commission’s (SEC) involvement in the issue of XRP’s status is disappointing.
In 2020, the SEC sued Ripple and its executives for allegedly violating federal securities laws and raising $1.3 billion through an unregistered securities offering. After months of endless legal battles, Ripple managed to achieve a partial victory over the SEC: Judge Analisa Torres announced that XRP was exempt from securities classification. However, the legal saga continues as both sides file appeals and counterclaims, keeping investors on edge as they await the final outcome.
Read also: Ripple’s XRP Escrow Explained: Debunking Myths and Fears
Recognizing Trump’s pledge to fire SEC Chairman Gary Gensler first among his many priorities upon taking office, Garlinghouse recommended appointing cryptocurrency-friendly candidates such as former CFTC Chairman Chris Giancarlo or former acting Comptroller of the Currency Brian Brooks. He hopes that reform of the Securities and Exchange Commission under the leadership of any of these leaders can bring more clarity to the regulation of the crypto space.
In parting, Garlinghouse remained hopeful and declared on X, “FINALLY we see the light at the end of the tunnel.” His optimism stems from weakening external market forces, including strict SEC regulations.
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