Regulation
Ripple CEO Slams SEC! Will XRP Skyrocket After US Elections?
Ripple CEO Brad Garlinghouse recently expressed strong opinions at a key cryptocurrency roundtable. Hosted by Democratic Congressman Ro Khanna, the Wednesday meeting aimed to discuss the future of cryptocurrency regulation in the United States. Attendees included notables such as Mark Cuban, Coinbase’s Paul Grewal, and Circle’s Dante Disparte.
Also in attendance were prominent political leaders such as Senator Kirsten Gillibrand and Representative Joe Neguse.
Here’s everything you need to know about this new development.
Garlinghouse criticizes SEC chairman
Garlinghouse didn’t mince words in his criticism of SEC Chairman Gary Gensler. He lamented that many Democrats continue to support what he called Gensler’s “illegal war on cryptocurrency.” Garlinghouse even labeled Gensler a “Luddite,” a term for those who are resistant to new technologies. This isn’t the first time Garlinghouse has expressed frustration with the SEC’s stance, which he previously called an “illegal war on cryptocurrency.”
An important step towards regulation
After the meeting, Congressman Khanna shared his thoughts, noting that the discussion was a step forward in creating robust cryptocurrency regulation. Despite his optimism, many crypto enthusiasts remain skeptical of Democrats’ full support for cryptocurrency.
Garlinghouse echoed this sentiment, noting that Democratic resistance to cryptocurrency has led the Republican Party to adopt a more pro-crypto stance. With the next US election on the horizon, a change of administration could potentially end Gensler’s tenure and his enforcement-heavy regulatory approach, creating a more favorable environment for the cryptocurrency industry.
Praise for MP Khanna
In a Twitter post, Garlinghouse praised Khanna’s efforts, calling him an exceptional leader for engaging with the cryptocurrency industry. Influential figures and political leaders see the meeting as a necessary and productive step forward, although skepticism about Democrats’ stance on cryptocurrency remains.
Understanding the Ripple vs SEC Case
This roundtable discussion comes at a crucial time for Ripple and the broader cryptocurrency world. Ripple has been engaged in a legal battle with the SEC for nearly four years. Ripple recently filed a supplemental notice of clearance in its case, hoping to influence the court’s decision by using the precedent set in the Binance ruling. However, the SEC argued that the Ripple case and the Binance case were not similar.
XRP Market Analysis
Exchange rate risk Proponents believe that the upcoming US elections could have a significant impact on cryptocurrency regulations. A pro-crypto administration could introduce favorable policies that would benefit the entire cryptocurrency industry. XRP is currently trading at $0.44848. On the 4-hour chart, the 100 MA is acting as a key resistance at $0.46, while the 20 and 50 MAs are supporting the price.
To regain its ascending channel, XRP must break the resistance and surpass the $0.55 mark. XRP has declined by 32% since its rally in April.
Source: TradingView
Crypto enthusiasts are looking for regulatory support, and efforts toward cryptocurrency, combined with potential changes in the U.S. political environment, could significantly impact the future of XRP. A favorable regulatory environment could lead to a surge in XRP’s price and provide substantial growth opportunities for investors.
Read also: SEC Simplifies Cryptocurrency Reporting Requirements: How Banks, Brokers Can Benefit
Will a change in government policy be the key to unlocking XRP’s true potential? Join the conversation!