With Donald Trump’s win in the 2024 US Presidential Elections, the future looks brighter for clearer cryptocurrency regulations and an end to the SEC’s hostility toward crypto. This shift could be a game-changer for the industry.
Ripple CEO Brad Garlinghouse celebrated Trump’s victory on X (formerly Twitter) on November 5, saying:
“To everyone who doubted it: the crypto voter is here to stay, loud and clear!”
The growing influence of crypto voters was evident as pro-crypto candidates from both major parties won key races. Garlinghouse also congratulated Bernie Moreno, Ritchie Torres, Kirsten Gillibrand, and Andy Barr for their victories, highlighting the crypto community’s increasing political power.
Coinbase CEO Brian Armstrong in an X post noted Bernie Moreno’s win in the Ohio Senate race against Sherrod Brown who is strongly against crypto. He noted, “Being anti-crypto is simply bad politics.”
He noted that Bernie Moreno understands that crypto is an important part of America’s future.
“Bernie and the crypto owners who helped him secure this win understand how everyone can benefit from crypto and are willing to fight for it.”
Crypto Becomes a Key Political Issue
Crypto played a major role in this election, influencing voting decisions and political priorities. The success of pro-crypto candidates marks a shift toward crypto-friendly policies. However, the crypto community faced disappointment with pro-XRP advocate John Deaton’s loss to Senator Elizabeth Warren, a well-known critic of the industry.
Trump’s return to office, along with the rise of pro-crypto candidates, is likely to boost crypto and Bitcoin adoption. During his campaign, Trump promised to fire SEC Chairman Gary Gensler on his first day in office. With Gensler’s term nearing its end, the ongoing Ripple vs. SEC lawsuit could soon be resolved, bringing much-needed clarity and regulation to the industry.
Coinbase CLO Paul Grewal also hinted that the ‘crypto win’ will help bring an end to the legal attacks against crypto.
“I’m going to guess that at least a couple of Supreme Court Justices now feel free to make retirement plans.”
Recently, Garlinghouse also shared that institutional interest in XRP products continues to rise while the US SEC loses its credibility and reputation over its hostility towards the industry which signals that XRP ETF launch might soon see materializing.
In the latest development in the XRP lawsuit, the Second Circuit Court of Appeals has ordered the SEC to submit its brief by January 15, 2025. XRP has responded positively in the market, rising 4% in the last 24 hours and currently trading at $0.54. Analysts are predicting a potential bull run for XRP in the near future.
The victory of pro-crypto candidates marks not just a political win, but a clear signal that the crypto community’s influence is only growing.
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