30s Summary

Rumours suggest Ripple CEO, Brad Garlinghouse, may have recently met with President-elect Trump, triggering market reactions and criticism. The speculation may have contributed to a rise in the price of Ripple’s digital currency, XRP. Garlinghouse, without confirming the rumours, expressed optimism about the crypto sector under Trump’s presidency. This optimism was further fuelled by Trump’s intention to replace SEC head Gary Gensler, who’s viewed as repressive towards the industry. This decision has been welcomed by the crypto community and investors, culminating in legal action against Gensler by several states on his action against crypto.

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Rumours are flying around on social media that Ripple Labs’ CEO, Brad Garlinghouse, recently had a meeting with the soon-to-be President Trump. This has raised a lot of eyebrows in the industry, with some pretty strong reactions.

Ryan Selkis, the ex-CEO and founder of Messari, criticised Garlinghouse on social media, reckoning he’s just trying to promote Ripple’s cryptocurrency, XRP, and push for central bank digital currencies (CBDCs). Pierre Rochard, who’s the research VP at Riot Platforms, revisited Selkis’s post, saying we shouldn’t let Ripple manipulate the US government with their anti-bitcoin agenda. He wants Trump to put more bitcoin enthusiasts in charge.

It’s thought that this supposed meeting between the Ripple boss and Trump is what made Ripple’s digital currency, XRP, rally lately – its price has shot up.

Garlinghouse hasn’t said whether the rumours are true or not, but he’s optimistic about the industry’s future with Trump in office. He feels that the crypto world and Trump are getting along swell and that it’s a sign of real progress and innovation. He’s buzzing about what’s to come.

He also reckoned it’s no shocker that the crypto markets have reacted well to the news of Trump’s victory on November 5. Garlinghouse reckons that the head of the Securities and Exchange Commission (SEC), Gary Gensler, has got it in for the industry and has held back crypto projects based in the US.

On his first day in the job, Trump reckons he’s going to kick Gensler to the curb. This has gone down really well with the crypto community and investors. In fact, after Trump got re-elected, 18 US states, including Nebraska, Tennessee, and Texas, have taken Gensler to court. They reckon he’s overstepped the mark with his “gross government overreach” against the crypto industry.