Ripple CEO Celebrates Pro-Crypto Stance of New US Congress: What It Means for Cryptocurrency Regulation

With the 119th US Congress, marked by a Republican majority, now in session, Ripple CEO Brad Garlinghouse is celebrating what he calls the most pro-crypto Congress in history. Donald Trump’s recent landslide victory is viewed as a positive shift for US-based cryptocurrency projects, while Ripple’s ongoing legal battle with the SEC could see a quicker resolution under new leadership.

• 119th US Congress seen as most pro-crypto in history
• Trump’s victory believed to benefit US crypto projects
• Ripple CEO and IOG CEO engage with Trump’s team on regulations
• Hope for faster resolution in Ripple’s SEC lawsuit

The 119th Congress: A New Era?

The 119th US Congress, the group of elected officials who make laws in the US, now boasts a Republican majority. This shift has been met with enthusiasm from the cryptocurrency community, particularly from Ripple CEO Brad Garlinghouse. In a tweet, Garlinghouse stated, “Today, here in the US, we welcomed the 119th Congress—better known as the most pro-crypto Congress in history. The journey is just beginning, but you can’t deny the energy & excitement already building across the industry. Let’s get to work.” His optimism isn’t just blowing hot air; it’s backed by the recent surge in prices of assets like XRP and ADA following Trump’s victory.

Trump’s Victory: A Game Changer for Crypto?

Can you feel the excitement building in the crypto community? Donald Trump’s recent victory in the 2024 elections is seen as a boon for US-based cryptocurrency projects. The market’s response has been clear, with assets like XRP and ADA experiencing significant price surges. Ripple’s strategic pivot back to the US market, where 75% of its open positions are now based, reflects this optimism. It’s a stark contrast to the days when over 90% of Ripple’s operations were moved abroad, all thanks to the SEC’s relentless pursuit.

Ripple vs. SEC: A Glimmer of Hope

The SEC’s ongoing legal battle with Ripple has been a thorn in the side of XRP holders. But with the departure of SEC Chairman Gary Gensler and the potential appointment of a pro-crypto successor like Paul Atkins, there’s a glimmer of hope. “Regulation-by-enforcement,” the SEC’s practice of enforcing rules through legal actions rather than creating new regulations beforehand, has been a point of contention under Gensler. As the SEC is expected to file its opening brief before the January 15 deadline in the Ripple lawsuit, the crypto community watches closely.

Ripple’s Chief Legal Officer Stuart Alderoty and SEC Commissioner Hester Peirce have criticized the SEC’s approach, hoping for a more proactive stance on regulation. Despite the optimism, the market remains cautious, with XRP trading around $2.40 and a slight uptick of 1.3% in the last 24 hours.

Industry Caution Amid Optimism

While the future looks bright, it’s important to remember that regulatory changes can be slow and complex. Despite the optimism surrounding the new Congress and Trump’s victory, some experts warn that regulatory changes may not be as swift as hoped. The entrenched bureaucratic processes could slow down progress, and the SEC’s chief litigation counsel, Jorge Tenreiro, is expected to maintain his role, potentially prolonging the Ripple case.

Moreover, Ripple’s heavy investment in supporting pro-crypto candidates, including millions from Garlinghouse himself, underscores the industry’s determination to shape its regulatory future. Yet, as the industry hopes for a more favorable environment, it remains wary of the challenges that lie ahead.

Key Questions and Takeaways

• What does the 119th US Congress signify for the cryptocurrency industry?

  The 119th US Congress, with its Republican majority, is seen as the most pro-crypto Congress in history, signaling potential favorable regulatory changes for the industry.

• How has Donald Trump’s victory impacted cryptocurrency projects in the US?

  Trump’s victory is believed to have significantly benefited US-based cryptocurrency projects, as evidenced by the price surge in assets like XRP and ADA.

• What is the current status of Ripple’s legal battle with the SEC?

  Ripple’s legal battle with the SEC is ongoing, with hopes for a quicker and more favorable resolution following the departure of SEC Chairman Gary Gensler and the appointment of a pro-crypto successor.

• Who are the key figures mentioned as engaging with Trump’s team regarding crypto regulations?

  Ripple CEO Brad Garlinghouse and IOG CEO Charles Hoskinson are the key figures reportedly engaging with Trump or his team to discuss the regulatory framework for the crypto industry.