Ripple’s CEO Brad Garlinghouse tweeted on November 6 about several things he wished the new President Donald Trump could do for the crypto industry within his first 100 days in office. Garlinghouse hinted at Trump crossing out and firing Gary Gensler on his first day in office, suggesting Gensler’s replacement would be Gallagher, Giancarlo, or Brooks.
According to the Ripple CEO, the U.S. Securities and Exchange Commission’s chair, possible replacements have a better chance of rebuilding the commission’s reputation. Garlinghouse also reasoned that the new chair could build the rule of law around the crypto industry.
Brad Garlinghouse further highlighted the need for Trump to bring representatives together to ensure the passing of the digital asset market structure in the Senate. The bill could improve the regulatory clarity surrounding the crypto sector, coupled with another suggestion from the Ripple CEO for Trump to drive clarity surrounding digital assets. The CEO more specifically mentioned a confirmation that Ethereum, like Bitcoin and XRP, was not a security.
The suggestions came after a simple congratulatory message for the incoming president. Donald Trump, who won the November 5 U.S. presidential elections, has branded himself as the pro-crypto candidate throughout the campaign. The incoming president also received significant support from influential crypto figures, including Elon Musk and Howard Lutnick.
Trump promises to push the crypto industry
Despite the incoming president previously being quiet about crypto, the campaign trail shed a different light on his position. Trump made other promises to the crypto community, the most notable of which was making Bitcoin the country’s strategic reserve currency.
The incoming president further expressed worry about the outgoing government’s decision to sell seized Bitcoin. The country sold millions in Bitcoin mid-year, following Germany’s decision to sell its seized Bitcoin. Trump explained that the U.S. regulators were breaking the Bitcoin cardinal rule of never selling your Bitcoin. The incoming president promised that the U.S. would hold on to its current and future BTC acquisitions.
Trump has also been proactively involved in the Bitcoin mining industry, meeting with notable mining companies in Florida in June. After the meeting, the incoming president mentioned that he would like all BTC to be mined, minted, and made in the U.S. He also said that mining could be the protection the U.S. needs against a CBDC.
Bitcoin mining may be our last line of defense against a CBDC.… We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!
Donald Trump
Cryptocurrencies and crypto-related stocks significantly improved after Trump’s win. Bitcoin has jumped to a new all-time high after the election’s announcement, reaching above $75,000. The coin has since corrected by over 1%, dropping to around $74,200 at the time of writing. Dogecoin has also made a notable jump of over 25% after the poll results.
Many agree with Garlinghouse’s faith in Trump
The responses to Brad Garlinghouse’s suggestion remained positive, with many commenters agreeing that Trump was right for the job. One commenter mentioned that the next four years would be great for crypto, while another suggested that Trump could make the U.S. a good place for crypto and crypto-related companies.
Still, Garlinghouse thought either candidate would be great for crypto’s future. The Ripple CEO, who spoke to CNBC during FinTech Week, said he expected any candidates to have a more pro-crypto congress. Garlinghouse further expressed a positive outlook for crypto in the long term.
On the other hand, few figures in the industry did not think that Trump’s outlook for crypto in the U.S. would be sustainable. In June, the founder of Venice, Erik Vorhees, mentioned that Trump’s idea of the country owning all the Bitcoin was concerning. Vorhees still applauded what the decision could mean for the U.S. crypto space.
