Ripple CEO Brad Garlinghouse shared the good news with the XRP and the broader crypto community. Garlinghouse said that Donald Trump has finally elected Scott Bessent a prominent hedge fund manager known for his pro-cryptocurrency stance, to serve as the next Secretary of the Treasury.
With Bessent’s track record and Garlinghouse’s optimism, this could signal the end of the long-running Ripple vs. SEC battle and open new doors for the industry.
Scott Bessent, the founder of Key Square Group, has been appointed by Trump to lead the U.S. Treasury. With his background on Wall Street and his experience working with George Soros, Bessent has a wealth of financial knowledge. He’s also been an early supporter of Trump’s 2024 campaign.
Bessent has been vocal about his support for Trump’s plan to create a Strategic Bitcoin Reserve. He shares Trump’s vision of boosting U.S. competitiveness and addressing trade imbalances. Trump has emphasized that Bessent will push for policies that align with the “America First” agenda.
But Trump didn’t stop there—he also nominated Congresswoman Lori Chavez-DeRemer for U.S. Labor Secretary to improve wages and bring back manufacturing jobs.
In addition to this Ripple CEO Brad Garlinghouse tweeted his support for Scott Bessent as the U.S. Treasury Secretary. He believes Bessent is the perfect choice, especially for pushing forward innovation and supporting cryptocurrency.
Garlinghouse thinks Bessent could be the most crypto-friendly Treasury Secretary the U.S. has had.
Garlinghouse believes Bessent can help shape policies that promote growth within the crypto industry, creating a more supportive regulatory environment for digital currencies.
The announcement has already had a significant impact on the XRP market. In response, XRP’s price surged by over 60%, reaching $1.56. This sharp increase highlights the growing optimism within the crypto space, driven by the potential for a more crypto-friendly environment under Bessent’s leadership.
With Gary Gensler set to step down from the SEC in January 2025, speculation about the future of the Ripple vs. SEC case is building.
Pro-XRP lawyer Jeremy Hogan has suggested that the case could be settled by spring or early summer of 2025. If Bessent’s appointment leads to more favorable policies, the case may finally reach a resolution.
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