CDS Crypto News Ripple CEO Urges Trump to Fire SEC Chair Gary Gensler in Pro-Crypto Push
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Ripple CEO Urges Trump to Fire SEC Chair Gary Gensler in Pro-Crypto Push

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Ripple Ceo Urges Trump To Fire Sec Chair Gary Gensler In Pro-Crypto Push

Ripple CEO Brad Garlinghouse Calls for Immediate Crypto Regulation Reform Under Trump

Ripple CEO – With Donald Trump’s victory in the 2024 U.S. elections, the crypto industry is seeing a shift toward a more favorable regulatory environment, buoyed by a pro-crypto president and a Congress with more crypto-friendly lawmakers. Ripple CEO Brad Garlinghouse has outlined a key set of actions he believes should be on Trump’s first 100-day agenda to support the growth of digital assets, including a push for clearer regulations, the firing of SEC Chair Gary Gensler, and a stronger focus on cryptocurrency legislation.

Garlinghouse Calls for Gensler’s Removal to Promote Crypto-Friendly SEC

At the top of Garlinghouse’s list is the call for Gary Gensler‘s removal from his role as Chairman of the U.S. Securities and Exchange Commission (SEC). Garlinghouse suggests that Gensler has been a barrier to crypto industry progress, particularly with his stance on XRP and other digital assets. In his post on X (formerly Twitter), Garlinghouse recommended potential replacements for Gensler, naming Dan Gallagher (Chief Legal Officer at Robinhood), Christopher Giancarlo (former head of the Commodity Futures Trading Commission), and Brian Brooks (former Acting Comptroller of the Currency) as ideal candidates. Garlinghouse believes these leaders would bring more crypto-friendly policies to the SEC and help rebuild the agency’s reputation in the digital asset space.

“Firing Gensler on day one would be a massive upgrade in rebuilding the rule of law at the SEC,” Garlinghouse tweeted, reflecting the sentiment shared by many in the crypto industry that Gensler’s leadership has been more restrictive than beneficial to innovation in the sector.

Trump’s First 100 Days: Pushing for Crypto Market Structure Bill

In addition to addressing leadership at the SEC, Garlinghouse also advocates for swift action on cryptocurrency market structure legislation. Specifically, he hopes that Trump can unite both Republicans and Democrats to move forward with the Digital Asset Market Structure Bill, which was passed by the U.S. House of Representatives in May 2024. Garlinghouse emphasizes the importance of bipartisan support for this bill in the Senate to provide clear guidelines on how digital assets are regulated and classified, bringing much-needed clarity to the sector.

With Bitcoin and other cryptocurrencies reaching new price highs in 2024, the crypto community is hopeful that Trump’s pro-crypto stance will help drive regulatory clarity and increase institutional investment. A clear regulatory framework for cryptocurrencies could unlock more opportunities for innovation, security, and mainstream adoption.

Garlinghouse Critiques Ethereum’s SEC Approval Process

While Garlinghouse’s message was largely focused on what Trump can do for Bitcoin, XRP, and the broader digital asset market, he couldn’t resist a pointed remark about Ethereum’s recent regulatory developments. In May 2024, the SEC approved the launch of spot Ethereum exchange-traded funds (ETFs), a milestone for the industry. However, Garlinghouse criticized the SEC for the inconsistent regulatory approach, particularly in contrast to the ongoing battle the agency had with Ripple over the classification of XRP as a security.

“The SEC’s stance on XRP was a significant overreach, and now they’ve approved spot Ethereum ETFs. This kind of regulatory inconsistency is damaging to the industry,” Garlinghouse commented, suggesting that Ethereum’s approval may have been politically motivated or driven by market pressure rather than consistent legal reasoning. His remarks highlight the need for consistent and fair regulatory policies for all cryptocurrencies to avoid further confusion and ensure a level playing field.

Crypto Industry Welcomes Trump’s Pro-Crypto Agenda

The general sentiment across the crypto industry is overwhelmingly positive with Trump’s victory, particularly given his pro-crypto stance during his campaign. Many believe that his leadership could usher in a new era of pro-business cryptocurrency regulations that foster innovation and protect investors. Trump’s focus on economic growth and financial independence aligns well with the goals of the digital asset industry, which seeks to integrate blockchain technology and cryptocurrency into mainstream financial systems.

As the 2024 U.S. election results continue to settle, the crypto industry is preparing for potential regulatory changes that could unlock a new wave of growth for blockchain projects and digital assets. With Ripple, Bitcoin, and Ethereum as key players in the market, the next few months could prove pivotal in shaping the future of cryptocurrency regulations in the United States.

What’s Next for Crypto Regulation Under President Trump?

With the SEC and other regulatory bodies likely to face scrutiny and reform, Garlinghouse’s agenda offers a roadmap for the crypto community to navigate the first 100 days of the Trump administration. Key initiatives will include clearing up regulatory uncertainty, addressing issues of security classifications, and ensuring a balanced approach that fosters both innovation and investor protection.

If these goals are achieved, the U.S. crypto market could see accelerated growth, with greater institutional involvement and widespread adoption across various sectors. In the months ahead, crypto enthusiasts, traders, and developers will be watching closely to see how President Trump and Congress address the evolving landscape of digital assets.

Ripple Ceo Urges Trump To Fire Sec Chair Gary Gensler In Pro-Crypto Push

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