In a bold move aimed at shaping the future of cryptocurrency regulation, Ripple Labs CEO Brad Garlinghouse has laid out a clear agenda for President-elect Donald Trump’s first 100 days in office. Garlinghouse’s vision centers around creating a more favorable environment for the burgeoning crypto industry, focusing on key changes within the Securities and Exchange Commission (SEC) and seeking definitive clarity on the status of Ethereum.
Garlinghouse, in a congratulatory message to Trump following his presidential victory, outlined a series of actionable steps for the new administration. He called for the immediate dismissal of current SEC Chair Gary Gensler, citing concerns about his leadership. Garlinghouse then proposed three potential replacements: former Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo, former Acting Comptroller of the Currency Brian Brooks, and former SEC Commissioner Daniel Gallagher. These individuals, according to Garlinghouse, possess the experience and vision necessary to restore the SEC’s reputation and effectively regulate the cryptocurrency market.
Furthermore, Garlinghouse urged Trump to champion the passage of the Digital Asset Market Structure bill in the Senate, emphasizing the need for bipartisan support in shaping a robust regulatory framework for digital assets. This bill, if enacted, could provide much-needed clarity and guidance for the nascent industry, fostering innovation and growth.
Garlinghouse’s final call to action focused on obtaining a definitive answer from the administration on whether Ethereum, a leading blockchain platform, should be classified as a security. This issue has been a point of contention in the crypto community, with the SEC’s stance on Ethereum’s regulatory status remaining unclear.
Garlinghouse’s proposals reflect his ongoing commitment to promoting pro-cryptocurrency policies. He has consistently advocated for bipartisan support in the cryptocurrency space, going so far as to back Ripple executives who made donations to candidates they believed would champion the industry’s interests, regardless of party affiliation. Notably, Ripple co-founder Chris Larsen endorsed Kamala Harris during the election, while Ripple’s legal head Stuart Alderoty donated to groups supporting Trump.
This latest move by Ripple comes amidst a long-standing legal battle with the SEC over the classification of XRP, Ripple’s native cryptocurrency. The SEC has been investigating XRP for nearly four years, alleging that it is an unregistered security. Ripple maintains that XRP is a digital asset and not a security, arguing that its decentralized nature and use as a payment tool distinguish it from traditional securities.
At the time of writing, XRP is trading at $0.5448, reflecting a 4.93% increase in the past 24 hours, according to data from Benzinga Pro. The crypto community eagerly awaits the outcome of Garlinghouse’s initiatives, as they could significantly impact the future of the cryptocurrency industry and the regulatory landscape surrounding digital assets.
