Ripple logo seen in an iPhone screen on SEC. Source: Koshiro - stock.adobe.com

Key Takeaways:

XRP Surge Linked to Trump Speculation: XRP rallied 17% on November 15, fueled by optimism over regulatory shifts and rumors of Ripple CEO Brad Garlinghouse meeting with President-elect Trump.
Industry Backlash Over Ripple’s Influence: Prominent figures like Ryan Selkis and Pierre Rochard criticized Ripple’s perceived anti-Bitcoin agenda, warning against the company’s influence on U.S. crypto policy.
Garlinghouse’s Optimism on Crypto’s Future: In a Fox Business interview, Garlinghouse praised Trump’s embrace of crypto, attributing XRP’s rally partly to anticipation of a more favorable regulatory environment under the incoming administration.

Ripple Labs and its CEO, Brad Garlinghouse, have faced scrutiny after rumors emerged of a potential meeting between Garlinghouse and President-elect Donald Trump.

The speculation, which gained traction on social media, coincided with a 17% surge in Ripple’s cryptocurrency, XRP, reflecting optimism about a friendlier U.S. regulatory environment.

We can’t let Ripple co-opt the United States policymaking process with their anti-bitcoin agenda.

Hopefully Trump will staff his Administration with more bitcoiners! https://t.co/TiXxAMRF7h
— Pierre Rochard (@BitcoinPierre) November 16, 2024

Industry figures like Ryan Selkis and Pierre Rochard criticized Ripple, accusing it of promoting central bank digital currencies (CBDCs) and an anti-Bitcoin agenda while attempting to influence U.S. policymaking.

In a Fox Business interview, Garlinghouse did not confirm the alleged meeting but expressed optimism about Trump’s stance on crypto, citing the industry’s embrace of his administration.

He argued that Trump recognizes crypto’s potential for innovation and entrepreneurship, pointing to positive market reactions following Trump’s reelection.

Garlinghouse criticized outgoing SEC Chairman Gary Gensler, blaming him for stifling crypto innovation with restrictive policies.

Trump’s pledge to dismiss Gensler has resonated within the crypto community, with many industry leaders supporting this move.

Additionally, 18 U.S. states have sued Gensler, accusing him of regulatory overreach.

Ripple’s rumored meeting with Trump and XRP’s rally highlight growing tensions between traditional crypto proponents and industry stakeholders vying for regulatory influence in the U.S. market.