With Donald Trump securing the win in the 2024 US Presidential Elections, this significant event has paved the way for clearer cryptocurrency regulations and a potential end to the SEC’s adversarial stance towards crypto. The election results have been a cause for celebration among crypto enthusiasts, with Ripple CEO Brad Garlinghouse joining the chorus of joy. He took to X on November 5, stating, “To everyone who doubted it: the crypto voter is here to stay, loud and clear!” This declaration underscores the underestimated power of the crypto voter block, which emerged victorious as pro-crypto candidates from both political parties mostly succeeded in the elections.
Garlinghouse extended his congratulations to crypto advocates Bernie Moreno, Ritchie Torres, Kirsten Gillibrand, and Andy Barr on their electoral victories. Coinbase CEO Brian Armstrong also highlighted Bernie Moreno’s triumph in the Ohio Senate race against the anti-crypto Sherrod Brown, noting, “Being anti-crypto is simply bad politics.” Armstrong emphasized that Moreno recognizes the critical role crypto plays in America’s future, stating, “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.”
The impact of crypto as a pivotal political issue was evident in this election, marking a shift in voter preferences. However, the crypto community faced a setback with pro-XRP advocate John Deaton’s defeat against Senator Warren.
Will Trump Drive Bitcoin Adoption?
The resurgence of Trump and the success of pro-crypto candidates are expected to boost crypto and Bitcoin adoption. During his campaigns, Trump had promised to dismiss SEC Chairman Gary Gensler on his first day in office. With Gensler’s term anticipated to end soon, the Ripple vs SEC lawsuit might see a resolution, leading to more transparent regulations across the industry. Paul Grewal, Coinbase’s Chief Legal Officer, hinted that the ‘crypto win’ could signal the end of legal assaults on the industry, remarking, “I’m going to guess that at least a couple of Supreme Court Justices now feel free to make retirement plans.”
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- U.S. Election Sparks $483M in Crypto Liquidations as Bitcoin Hits New High
Institutional Interest In XRP Continues To Rise
Garlinghouse also recently mentioned that institutional interest in XRP products is on the rise, coinciding with the US SEC’s diminishing credibility due to its antagonistic approach towards the crypto industry. This trend suggests that the launch of an XRP ETF might soon become a reality. In the latest update on the XRP lawsuit, The Second Circuit Court of Appeals has mandated that the SEC must submit its brief by January 15th, 2025, in its ongoing litigation with Ripple. XRP has seen a 4% increase in the last 24 hours, currently trading at $0.54. Analysts predict an impending significant bull run for XRP.
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