Ripple CEO Brad Garlinhouse has congratulated Donald Trump for his victory in the U.S. Presidential election. The CEO expects Trump to hit the ground running as he emphasized several critical actions for the new administration’s first 100 days.
Garlinghouse’s first point is the immediate dismissal of SEC Chairman Gary Gensler. “Fire Gensler. Day 1, no delays,” Garlinghouse urged.
Trump has promised to do this in the past, and Garlinghouse’s call for Gensler’s removal mirrors years of dissatisfaction within the cryptocurrency community regarding the faulty regulatory approach by the U.S. Securities and Exchange Commission (SEC).
Under Gensler, the SEC has faced criticism for its perceived lack of clarity and stringent enforcement actions against crypto companies like Ripple, Coinbase, and others.
Potential Replacements for Gensler
In proposing replacements, Garlinghouse suggested three candidates: Christopher Giancarlo, Brian Brooks, and Daniel Gallagher. Giancarlo, a former Chairman of the Commodity Futures Trading Commission (CFTC), is known for his pro-innovation stance, often referred to as “CryptoDad” for his supportive views on digital currencies.
Brooks, the former Acting Comptroller of the Currency, has also been a vocal advocate for the cryptocurrency industry. Notably, Brooks briefly served as CEO of Binance.US in 2021.
Gallagher, a former SEC Commissioner, has experience within the regulatory framework, potentially positioning him as a reform-minded leader. Gallagher is the Chief Legal, Compliance, and Corporate Affairs Officer at Robinhood.
Garlinghouse asserted that these individuals would significantly enhance the SEC’s rule of law and reputation. After years of hypocrisy, it would be a welcome change for the regulator.
Proper Crypto Regulation
Another key action proposed by Garlinghouse involves legislative efforts to advance the digital asset market structure bill in Congress. He emphasized the importance of bipartisan cooperation, suggesting a family dinner to bring together Republicans and Democrats to discuss the bill’s progress.
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This approach aims to foster a collaborative environment for developing clear regulatory guidelines for digital assets, ensuring the U.S. remains competitive in the global market.
Garlinghouse also addressed the need for regulatory clarity regarding the classification of cryptocurrencies. He specifically mentioned XRP, Bitcoin, and Ethereum, urging the new administration to provide definitive guidance on whether ETH is considered a security.
There have been questions and speculation within the market for years about the SEC’s reasons for ignoring Ethereum and going after XRP despite the former’s similar practices, and many have called out the SEC for this.
Properly classifying cryptocurrencies would finally end this ambiguity and set up XRP and the broader market for a significant surge.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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