Bitcoin has surged to unprecedented levels, reaching an all-time high of $94,000 amid growing optimism in the cryptocurrency sector.
Ripple CEO Brad Garlinghouse criticized the Biden administration for what he called an “illegal war on crypto” in a recent interview, while expressing hope for a crypto-friendly approach under the Trump administration.
Garlinghouse said Ripple is focused on revolutionizing cross-border payments using its native cryptocurrency XRP to make transactions faster and more affordable. Despite Ripple’s global operations, Garlinghouse noted that legal challenges from the SEC have limited its growth in the U.S. “Ninety-five percent of our customers are outside the U.S.,” Garlinghouse said, attributing this to regulatory uncertainty in the country.
Garlinghouse accused the Biden administration of being hostile toward digital assets, citing Ripple’s legal battles as evidence. He expressed optimism about clearer regulation under a Trump-led administration, which he believes could revitalize the U.S. crypto market. “Trump has the opportunity to make crypto great again in the United States,” Garlinghouse said.
Regarding future goals, Garlinghouse said:
- Ripple's New Stablecoin: Ripple is set to launch a stablecoin called RLUSD (RippleUSD) to target corporate clients aiming to increase efficiency in cross-border payments.
- Trump’s Crypto Offensive: The former president’s team is reportedly exploring crypto-friendly policies, including potential leadership changes at the SEC and CFTC, to encourage growth in the sector. Garlinghouse sees this as an opportunity to address outdated regulations like the Howey Test, which he believes are ill-suited for the digital asset era.
- Coinbase Collaboration: Coinbase CEO Brian Armstrong recently met with Trump’s team to discuss important crypto policies. Coinbase, Ripple, and Andreessen Horowitz have collectively pushed for crypto-friendly initiatives during the election cycle.
Garlinghouse said it was important to appoint SEC and CFTC leaders with crypto expertise. He criticized outgoing SEC Chairman Gary Gensler for regulatory uncertainty, citing the agency’s refusal to clarify whether Ethereum qualifies as a security. He expressed hope that the Trump administration would prioritize clearer regulation and U.S. leadership in the global crypto economy.
*This is not investment advice.