- Ripple CEO Brad Garlinghouse faces allegations of promoting XRP and CBDCs in a rumored meeting with Donald Trump
- The controversy coincides with an XRP price rally and criticism from prominent Bitcoin advocates
- Trump’s pro-crypto stance and promises to reform the SEC fuel industry-wide optimism
Brad Garlinghouse has become the focus of controversy after rumors spread that he held a meeting with Donald Trump, where he had reportedly vouched for the use of the XRP token and CBDCs.
Ripple Labs CEO Brad Garlinghouse has become the object of much contentiousness on social media for a supposed meeting with the President-elect of the United States, Donald Trump, during which he voiced his support for the implementation of XRP and CBDCs.
Former Chief Executive Officer of the cryptocurrency data and research firm Messari, Ryan Selkis, stated in a post on X that Brad Garlinghouse was “pushing for the implementation of XRP and CBDCs.”
On the other hand, in an alleged “anti-Bitcoin agenda” charge against Ripple, Pierre Rochard, Vice President of Research at Riot Platforms, said that such influence from Ripple might negatively impact U.S. policy.
Rochard Calls for More Bitcoin Advocates in Trump Administration
Pierre Rochard has urged Donald Trump to appoint more Bitcoin supporters to his administration.
The alleged meeting coincided with XRP’s price surging with a double-digit price gain. Speculations as to what role the meeting may have played in the recent XRP rally have added fuel to the fire.
In a recent interview on Fox Business, Garlinghouse refused to confirm or deny the meeting but hailed the relationship Trump had with the crypto industry. Garlinghouse sounded very positive about the crypto sector during Trump’s new administration and said:
“Trump has embraced the crypto industry, and I think he sees the potential for innovation and entrepreneurship there.”
Further, Garlinghouse explained the market’s reaction to Trump’s win by highlighting the adversarial position held by SEC Chairman Gary Gensler, who is one of the main reasons stifling cryptocurrency projects in the United States.
Trump’s promise to fire Gensler on his first day in office has been heard loud and clear among crypto fans.
Escalating Legal Pressure on Gensler
Meanwhile, 18 U.S. states have filed lawsuits against Gensler, accusing the chief of “gross federal overreach” in regulating the crypto industry.
States like Texas, Ohio, and Wyoming are challenging Gensler’s policies, which they say violate states’ rights.
Recently, the SEC has faced increasing criticism for its manner of “regulation by enforcement” in the context of digital currencies. Critics contend that it has not provided any effective rules or regulations governing the use of cryptocurrencies and has instead filed lawsuits against key participants in the industry.
Reports indicate that a coalition of seven U.S. states has teamed up to challenge the Securities and Exchange Commission’s crypto regulations.
Conclusion
The supposed meeting between Garlinghouse and Trump has sparked much speculation and debate on how XRP and CBDCs will shape the crypto landscape.
As more information trickles in, the future of digital assets, their regulations, and their politics remain a hot topic of interest worldwide.
