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Ripple Labs CEO Brad Garlinghouse is at the center of controversy following allegations of a private meeting with President-elect Donald Trump, where he reportedly advocated for XRP and central bank digital currencies (CBDCs).
Accusations from Industry Leaders
Ryan Selkis, former CEO of Messari, accused Garlinghouse via X (formerly Twitter) of promoting XRP and CBDC initiatives, sparking significant backlash. Pierre Rochard, Vice President of Research at Riot Platforms, joined the criticism, claiming Ripple was pushing an “anti-Bitcoin agenda” and urging Trump to prioritize Bitcoin advocates in his administration.
XRP Price Surge and Speculation
The alleged meeting coincided with a sharp uptick in XRP’s value, fueling speculation that the event may have played a role in the cryptocurrency’s rally. XRP experienced double-digit gains amid growing investor confidence.
Garlinghouse Praises Trump’s Crypto Stance
During an appearance on Fox Business, Garlinghouse refrained from confirming or denying the meeting but commended Trump’s support for the cryptocurrency industry. “Trump has embraced the crypto industry, recognizing its potential for innovation and entrepreneurship,” he stated, expressing optimism for the sector under Trump’s leadership.
Garlinghouse also attributed the previous stagnation of U.S.-based crypto projects to SEC Chairman Gary Gensler’s policies. Trump’s pledge to remove Gensler from his position on his first day in office has earned widespread approval from crypto advocates.
SEC Under Fire from U.S. States
Adding to the regulatory drama, 18 U.S. states, including Texas, Ohio, and Wyoming, have filed lawsuits against Gensler, accusing the SEC of “gross government overreach” in its regulation of the cryptocurrency market.
Critics argue that the SEC’s reliance on enforcement actions rather than a clear regulatory framework has stifled innovation. A coalition of seven states is also challenging the SEC’s approach, signaling a broader pushback against federal crypto regulations.
Robinhood Relists XRP
In a positive turn for Ripple, Robinhood Crypto recently relisted XRP on its U.S. platform, along with SOL, ADA, and Polygon (MATIC). This comes after XRP and other tokens were delisted due to the SEC’s classification of them as unregistered securities.
Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, emphasized the platform’s commitment to expanding access to digital assets. “We believe crypto offers opportunities for those underserved by traditional financial systems,” Kerbrat said.
The relisting is viewed as a sign of increasing regulatory clarity and renewed confidence in XRP and other major altcoins.
The Road Ahead for Ripple and XRP
While Ripple Labs navigates these challenges, the industry’s response to Trump’s presidency and potential regulatory shifts will shape the future of XRP and the broader crypto market.
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