Shortly before Donald Trump is officially announced as the next president of the United States on November 6, 2024, the entire crypto market has been on the rise. Bitcoin has surged above its new ATH (All-Time High) of $93,000, close to the psychological $100,000 level on November 14. This optimism comes from investors who believe that the Trump administration will be positive about cryptocurrencies and other policies, such as lowering the corporate tax rate from 21 percent to 15 percent. Ripple CEO Brad Garlinghouse stated that this wave of optimism has contributed $800 billion to the US crypto market.
Ripple CEO talks about Trump presidency
In an interview with Fox Business, Garlinghouse expressed optimism about a Trump presidency and what it could mean for companies in the crypto asset sector. The CEO stated that this new development signals the end of the era of the so-called “war on crypto,” which has been subject to harsh pressure from regulatory authorities such as the SEC. Two other US-based cryptocurrencies, ADA and SOL, also gained value on positive expectations for the new administration’s policies.
The crypto market volume increased from $2.4 trillion before the election to $3.2 trillion. Bitcoin’s strong performance led to increases in other US-based assets, with trading platforms such as Robinhood listing tokens such as XRP and Cardano. Garlinghouse attributed this increase to expectations for clearer regulations and policy changes during the Trump administration. “The United States is back at the wheel,” he said, emphasizing the positive market response to the administration’s innovative stance.
Allegations of Trump and Garlinghouse meeting
Garlinghouse stated that many lawsuits were filed against crypto firms such as Ripple under the leadership of SEC Chairman Gary Gensler during the previous administration, and that these sanctions hindered innovation and caused the US to lose its share in the global crypto market. With Gensler leaving office and Trump’s team signaling a more transparent regulatory environment, Garlinghouse said that expectations in the sector are positive. “This is a victory not just for crypto, but for innovation in the United States,” he said.
When asked about the allegations of a meeting with Trump or someone from his team, Garlinghouse did not give a clear answer on the matter and did not deny the rumors. “I will not comment on specifics,” he said, leaving the door open to speculation. He noted that Ripple has been interacting with policymakers who are positive about cryptocurrencies during the election campaign in order to encourage growth and innovation-friendly regulations. With Trump in the White House, the crypto sector may be preparing to enter a golden era. Bitcoin is approaching the $100,000 level, US-based cryptocurrencies are gaining value, and the market is optimistic for the first time in years. As Garlinghouse put it, “The United States is back in the driving seat.” The real question now is: How far will this momentum take us?
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