Brad Garlinghouse, the CEO of Ripple, has expressed his satisfaction with the U.S. election results, which have resulted in the election of pro-crypto candidates to significant positions. This suggests a potential shift toward more favorable crypto regulations.
On Wednesday, Brad Garlinghouse, the CEO of Ripple, joined global crypto advocates in commemorating the electoral victories of pro-crypto candidates, including the re-election of Donald Trump, in the 2024 U.S. Presidential elections.
The electoral results have sparked optimism for the potential for a resolution in the Ripple v. SEC lawsuit, as well as for the implementation of new crypto policies and the clarification of regulations.
Garlinghouse utilized the social media platform X to recognize the impact of the “crypto voter,” emphasizing the accomplishments of pro-crypto candidates from both main parties.
“He emphasized that the crypto voter is here to stay, loud and clear, to everyone who doubted it.” Bernie Moreno, Ritchie Torres, Kirsten Gillibrand, and Andy Barr are among the notable victors, demonstrating that crypto policy has now surpassed conventional party lines.
Brian Armstrong, CEO of Coinbase, and other industry executives concurred with Garlinghouse’s assessment, emphasizing the increasing influence of cryptocurrency on voter priorities.
Donald Trump’s re-election and the election of other pro-crypto candidates could potentially impact the widespread adoption of Bitcoin and other digital assets in the United States. During his campaign, Trump expressed his desire to oust Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), who has implemented stringent regulatory measures against the cryptocurrency sector.
This prospective leadership transition at the SEC may facilitate the resolution of ongoing litigation, such as the high-profile Ripple vs. SEC case.
In the same vein, Paul Grewal, the Chief Legal Officer at Coinbase, urged the SEC to reconsider the election’s message and transition from “litigation to collaboration.”
He suggested that the SEC should prioritize rulemaking in anticipation of the potential for more transparent regulations.
In the House of Representatives, 226 pro-crypto candidates were elected, while 107 anti-crypto candidates were elected. The Senate currently has 14 pro-crypto lawmakers and nine who are opposed.
Super PACs’ considerable contributions likely influenced public opinion, further bolstering the crypto industry’s influence. These results mirror the industry’s impact.
The crypto community is optimistic that policy changes will prioritize the regulation of stablecoins and the clarification of digital assets, given the Republican majority that currently occupies the U.S. Congress.
XRP prices increased by 4.9% in 24 hours to trade at approximately $0.5329, and Bitcoin reached an all-time high above $75,000 as investors celebrated the election results. The market responded positively.
Certain projections indicate that XRP could surpass $1.10, while more optimistic scenarios anticipate additional growth.
Justin Sun, the founder of the Tron network, and other leaders expressed optimism regarding policies implemented by the Trump administration that would facilitate industry expansion.
The industry is optimistic about a regulatory climate that will stimulate innovation as crypto-friendly voices become more prevalent in U.S. politics.
Also Read: Massachusetts Senator Warren defeats pro-crypto Republican John Daeton
