Ripple CEO Brad Garlinghouse has hailed the growing influence of the “crypto voter” following the 2024 U.S. elections, suggesting that this marks a pivotal moment for cryptocurrency’s political power. He also hinted at a possible conclusion to Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), fueling optimism among the crypto community.
Garlinghouse, in a tweet on November 5, celebrated the victories of pro-crypto candidates across both Republican and Democratic parties. He specifically applauded Bernie Moreno, Ritchie Torres, Kirsten Gillibrand, and Andy Barr, all of whom won their respective races. The victories signal the rise of a political bloc that supports the cryptocurrency sector, which Garlinghouse believes will influence future legislative efforts.
“To everyone who doubted it: the crypto voter is here to stay, loud and clear!” Garlinghouse wrote, emphasizing the political power of crypto supporters. The CEO also highlighted that the loss of anti-crypto Senator Sherrod Brown, who was defeated by Bernie Moreno in Ohio, was a significant win for the industry.
The surge in political support for crypto is seen as a potential game-changer for the regulatory landscape. With Republicans poised to take control of Congress, and Donald Trump’s re-election promising to shake up the SEC, there is growing hope that the regulatory climate will shift in favor of the crypto industry. Trump’s campaign promise to remove SEC Chair Gary Gensler is viewed as a critical move that could lead to the resolution of Ripple’s ongoing legal battle with the SEC, which has cast a long shadow over the industry.
While the re-election of pro-crypto candidates is seen as a victory for the sector, the defeat of XRP advocate John Deaton by Senator Elizabeth Warren was a setback for the crypto community. Nonetheless, Ripple’s leadership remains optimistic about the future, with Garlinghouse noting an increase in institutional interest in XRP products, despite the ongoing legal challenges.
In a recent development in the lawsuit, the 2nd Circuit Court of Appeals granted the SEC an extension to file its opening brief by January 15, 2025. This indicates that the legal proceedings are far from over but also suggests that a resolution may be on the horizon.
Ripple’s victory in the political sphere has already impacted XRP’s market performance, with the token rising 3% in the last 24 hours, reaching $0.528. Experts predict that XRP could hit $1.10 in the near future, with some suggesting a potential breakout to much higher levels, signaling optimism for the digital asset’s future.
The rise of the “crypto voter” and the increasing political support for digital assets could help shape a more favorable regulatory environment, ultimately bringing clarity to the future of XRP and the broader cryptocurrency market.
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