Ripple Labs CEO Brad Garlinghouse has come under fire after rumors surfaced of a meeting with President-elect Donald Trump in which he promoted XRP and central bank digital currencies (CBDCs).
In a recent post on X, former Messari CEO Ryan Selkis accused Garlinghouse of “promoting the implementation of XRP and CBDC.”
His comments were echoed by Riot Platforms Vice President of Research Pierre Rochard, who accused Ripple of pushing an “anti-Bitcoin agenda” and warned of Ripple ‘s influence on US politics. Rochard called on Trump to appoint more Bitcoin supporters to his administration.
The alleged meeting coincided with a rise in the value of XRP, with its price rising by double digits. Speculation about the meeting’s role in the rally has added fuel to the fire of the ongoing controversy. During a recent appearance on Fox Business, Garlinghouse refused to confirm or deny the meeting, but praised Trump’s relationship with the cryptocurrency industry.
“Trump has embraced the cryptocurrency industry and I think he sees its potential for innovation and entrepreneurship,” – Garlinghouse said, expressing optimism about the future of the sector under the new administration.
Garlinghouse also noted the positive market reaction to Trump’s election victory, citing SEC Chairman Gary Gensler ‘s hostile stance as a major factor stifling US cryptocurrency projects.
Trump’s promise to fire Gensler on his first day in office has garnered widespread support from cryptocurrency enthusiasts. Adding to the tension is the fact that 18 U.S. states have filed a lawsuit against Gensler, accusing him of “gross abuses of power” in regulating the cryptocurrency industry.
States such as Texas, Ohio and Wyoming are challenging Gensler’s policies, which they claim violate state laws. The SEC has recently faced increasing criticism for its “regulation through enforcement” approach to the cryptocurrency industry.
Critics say the SEC has failed to establish a clear regulatory framework for cryptocurrencies, opting instead to take legal action against key players in the industry. As reported, a coalition of seven U.S. states has united to challenge the Securities and Exchange Commission’s (SEC) regulation of cryptocurrencies.
Robinhood reintroduces XRP
Last week, Robinhood Crypto reintroduced three major altcoins, including XRP, on its U.S. trading platform.
XRP was initially delisted from many exchanges, including Robinhood, after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in 2020, claiming that XRP was an unregistered security.
In June 2023. Robinhood also delisted SOL, ADA and Polygon (MATIC) after the SEC classified these assets as unregistered securities in lawsuits against Binance and Coinbase.
The recent re-listing in the US marks renewed confidence in XRP and other major altcoins as regulatory clarity on these assets continues to evolve.
“Our clients have consistently heard that they want access to more digital assets, and we are pleased to continue to expand our cryptocurrency offerings,” said Johann Kerbrat, vice president and general manager of Robinhood Crypto.
“With easier access, we believe cryptocurrencies offer opportunities for those who have been underserved by the traditional financial system.”
