Ripple CEO Brad Garlinghouse shared his excitement about pro crypto candidates winning in the US election. From his X account he shared the data from Stand with Crypto stating that the crypto voter has spoken decisively tonight. Let’s explore what he feels is about to happen in the crypto space and how this administration shift can impact the SEC vs Ripple lawsuit.
Pro-Crypto Congress Takes Center Stage
This election season turned into a major win for crypto advocates. With Garlinghouse cheering on the victories of candidates like Bernie Moreno, Ritchie Torres, and Kirsten Gillibrand, who have been vocal on crypto issues, the hope is high for balanced regulations.
Even though there were some losses for the crypto, like advocate John Deaton who lost to Senator Elizabeth Warren, the crypto community is happy for the major win. They now look to the Congress with a renewed hope for clear crypto regulations and a nourishing environment. Trump has been promising this for a very long time and soon everyone will see if he works in that path.
Could This Congress Be the Break Ripple Needs?
The Ripple vs SEC lawsuit has been a significant hurdle, not just for Ripple but for the entire crypto industry. Garlinghouse’s comments hint at a belief that the new Congress might bring regulatory clarity Ripple has been waiting for. Trump, who has expressed intentions to consider replacing SEC Chair Gary Gensler, may also play a role. When the leadership changes, the SEC’s approach to crypto could change, impacting Ripple’s case.
Paul Grewal, Coinbase’s Chief Legal Officer, hinted that the SEC’s influence may reduce if these pro-crypto leaders take action. With a Congress open to pro-crypto discussions, Ripple’s legal battle might finally get the attention it deserves. In another post, he shared that he hope SEC understands why this shift is happening in the administration. The voters wanted the change and they are having it now.
What’s Next for Ripple and XRP?
As institutional interest in XRP continues to grow, Garlinghouse’s hope for a future XRP exchange-traded fund (ETF) may be closer than ever. Ripple’s performance on the market is stable, with a recent 3% gain and current trading at $0.528. Experts predict that this momentum could push XRP prices higher, with some optimistic estimates even reaching $1.10.
For now, Ripple’s case will proceed, with the SEC set to file its opening brief by January 2025. But with pro-crypto representatives in Congress, the industry might see a shift toward clearer regulations, potentially setting the stage for a favorable outcome for Ripple and other crypto players.
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