Ripple CEO Sees Pro-Crypto Congress as a Win
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Although some advocates, such as John Deaton, did not win, the crypto community remains positive about this major step toward regulatory clarity. With former President Trump’s promise to foster an industry-friendly regulatory environment, anticipation is building for potential positive shifts.
Could Congress Bring Relief in the Ripple vs. SEC Case?
Ripple's ongoing lawsuit with the SEC has been a significant issue for both the company and the broader crypto industry. Garlinghouse’s remarks suggest that the newly elected Congress may help bring the regulatory clarity Ripple and other industry players have been seeking. There is hope that new legislative leadership could consider replacing SEC Chair Gary Gensler, which might signal a shift in the SEC’s stance on crypto regulation.
Paul Grewal, Coinbase’s Chief Legal Officer, also hinted that the SEC’s influence could diminish if pro-crypto leaders take action, potentially giving Ripple’s case the attention it deserves. With a Congress willing to discuss pro-crypto policies, Ripple’s legal situation might finally see a path to resolution.
What’s Next for Ripple and XRP?
Garlinghouse’s aspirations for an XRP exchange-traded fund (ETF) may be closer to reality as institutional interest in XRP grows. With Ripple’s steady performance on the market, recently posting a 3% gain to reach $0.528, some experts predict this momentum could eventually drive XRP to $1.10. Meanwhile, Ripple’s case continues, with the SEC scheduled to submit an opening brief by January 2025.
The presence of pro-crypto representatives in Congress could pave the way for clearer regulations, potentially benefiting Ripple and the entire digital asset sector.