XRP News Today: Ripple CEO Urges Trump for Pro-Crypto Reforms

XRP, the cryptocurrency developed by Ripple, has been on the rise over recent days, with its market value currently around $11 billion. Ripple is aiming to expand its reach by launching its own ETF, but its long-standing legal battle with the U.S. Securities and Exchange Commission (SEC) may slow down those plans.

But what exactly is at stake? Let’s read on.

Trump’s First 100 Days – What’s the Agenda?

In a recent BBC interview, Ripple CEO Brad Garlinghouse discussed a “crypto checklist” he prepared for Donald Trump’s first 100 days in office.

Garlinghouse highlighted that Trump, who has recently positioned himself as a “crypto President,” is a self-proclaimed advocate for the industry. Trump has even pledged to replace SEC Chairman Gary Gensler on his first day, a move Garlinghouse supports, claiming that Gensler has “waged a war against crypto” in the U.S.

Global Comparisons

Garlinghouse contrasted the regulatory environments of countries like the UK, Singapore, and Switzerland with that of the U.S. In these regions, clear crypto rules have fostered business growth and encouraged capital to flow into the sector.

In the U.S., however, regulatory uncertainty has made it harder for the industry to flourish, with the SEC’s tough stance limiting progress.

XRP Not A Security- The Law Of the Land

Brad disclosed that they have been fighting with the SEC for three and a half years and that they won that case last summer. The judge in that case declared very explicitly that XRP in and of itself is not a security. The SEC is appealing part of that decision, but importantly, he noted that they’re not appealing the part of the decision that says XRP is not a security. 

He noted that they feel very good about this as the law of the land of the United States is that XRP is not a security. This clarity, however, remains limited to only a few cryptocurrencies like Bitcoin and XRP, while others remain uncertain about their regulatory standing.

What Is Frustrating the Community?

Garlinghouse expressed frustration over the lack of clear rules for other cryptocurrencies, such as Ethereum and Solana, which are still in regulatory limbo. He called it “maddening” to handle token classifications one by one, adding that the U.S. crypto industry is eager for guidelines similar to those in the UK and Japan, where taxonomies provide much-needed clarity.

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Garlinghouse criticized the SEC’s approach under Gensler, which has involved broadly classifying most cryptocurrencies as securities. He clarified that securities represent ownership in a company, like holding stock in Apple, which doesn’t apply to most digital assets.

This difference, he argued, highlights the need for clearer rules that respect the unique nature of cryptocurrencies.

Clearer Rules, More Innovation

Concluding his remarks, Garlinghouse called out the SEC’s reliance on “regulation through enforcement” rather than setting up a clear regulatory framework. He urged the agency to establish clear guidelines, stressing that such rules would help the U.S. crypto industry grow without constantly facing legal battles.