Rumors that Brad Garlinghouse, the CEO of Ripple Labs, might meet with Trump for president are drawing a lot of attention. There are people in the cryptocurrency business who are very vocal against these rumors. They say that Ripple is pushing ideas that are not in line with Bitcoin’s values.
Speaking about Garlinghouse, Ryan Selkis, the founder and former CEO of Messari, said that he wanted to use Ripple’s own cryptocurrency, XRP, as well as cryptocurrency issued by central banks. Pierre Rochard, vice president of research at Riot Platforms, agreed with Selkis. He said that Ripple was trying to change U.S. policy to push what he called an “anti-Bitcoin agenda.” In response to what Rochard saw as Ripple’s growing power, Rochard said he hoped that the new Trump administration would have more blockchain-friendly leaders.
Because of these problems, the price of XRP went up a lot. Analysts think that the news of the meeting between Trump and Garlinghouse may have given buyers more hope. The reports have led many to believe that the new government may either change the rules or support Ripple.
If asked by Fox Business, Garlinghouse wouldn’t say if the meeting took place or not, but he was optimistic about the future of cryptocurrency under Trump’s leadership. In the crypto world, people were thrilled about Trump’s win, he said. He said this was because Trump backed new ideas, business opportunities, and companies in the area.
Another thing Garlinghouse didn’t like about SEC Chair Gary Gensler’s job was that he made it hard for U.S. crypto companies. Many in the crypto business concur with Trump, advocating for Gensler’s dismissal on his first day in office. 18 U.S. states sued Gensler, arguing that his excessive regulation of crypto businesses intensified this sentiment.
Ripple continues to face legal action from the SEC for allegedly selling securities not listed with the agency. The alleged Trump connection has sparked new arguments about how much Ripple affects U.S. crypto policy. Some people think that Ripple’s proactive approach is beneficial because it helps to spark new ideas, but others are afraid that it could make power more concentrated and weaken the autonomous nature of different cryptocurrencies like Bitcoin.
In the next few months, it will be very clear whether Ripple’s plans are in line with the crypto community’s general goals or if they serve to divide them.
