The 2024 U.S. presidential election marked a pivotal moment for cryptocurrency regulation in the country, with the community celebrating what many see as a significant win. Ripple CEO Brad Garlinghouse joined the crypto community to commemorate the rise of the “crypto voter” and the re-election of Donald Trump. The success of crypto-friendly candidates in key elections has set the stage for regulatory clarity, stablecoin legislation, and a potential end to regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC).
On election day, November 5, Garlinghouse posted on X (formerly Twitter) to commend the underestimated crypto voting bloc for its influence in securing victories across both major parties. “To everyone who doubted it: the crypto voter is here to stay, loud and clear!” he declared, specifically congratulating pro-crypto candidates Bernie Moreno, Ritchie Torres, Kirsten Gillibrand, and Andy Barr on their victories. Notably, Ohio’s Senate race saw Bernie Moreno, a vocal advocate for cryptocurrency, oust incumbent Sherrod Brown, a prominent crypto critic. Coinbase CEO Brian Armstrong joined the celebration, calling Moreno’s win a major success in the push for a friendlier regulatory environment.
Crypto Voters And Bipartisan Influence
The 2024 election demonstrated that the crypto vote transcends traditional party lines. Candidates from both sides of the aisle embraced the industry, and their wins showcased the growing bipartisan appeal of crypto-friendly policies. While Republicans are anticipated to take control of Congress, the support of Democratic candidates like Ritchie Torres and Kirsten Gillibrand signals that the crypto community is not limited to one political ideology. However, the defeat of prominent pro-XRP attorney John Deaton to Senator Elizabeth Warren reminded the community of lingering opposition from lawmakers.
What’s Next for the Ripple vs. SEC Case?
A major outcome of this election cycle is the anticipated shift in the regulatory landscape, especially in the SEC’s approach to digital assets. Trump’s return to the White House, combined with Republican control of Congress, could mean an end to what many in the industry have called “Operation Choke Point 2.0,” a perceived crackdown on the crypto sector. During his campaign, Trump vowed to remove SEC Chair Gary Gensler, a figure frequently criticized for his tough stance on crypto. Ripple’s ongoing lawsuit with the SEC has come to symbolize the wider battle for crypto legitimacy, and Gensler’s potential departure could pave the way for a resolution favorable to Ripple and its XRP token.
Paul Grewal, Coinbase’s Chief Legal Officer, speculated that the Supreme Court might weigh in on the matter, further advancing legal protections for crypto. As regulatory winds shift, Garlinghouse hinted that institutional interest in Ripple’s XRP products continues to rise, indicating a positive trajectory for Ripple regardless of the case’s outcome.
Also Read: Ripples (XRP) And WallitIQ (WLTQ) Price Predictions – Will XRP Hit $10 And WLTQ Reach $55 By 2025?
Market Reaction and XRP Price Outlook
Ripple’s momentum has energized XRP’s price, which recently saw a 3% increase, climbing to $0.528. Analysts project that XRP’s value could reach $1.10 in the short term, with the potential for significant gains beyond $6 as regulatory clarity strengthens.
This election marks a transformative period for the U.S. crypto sector. With pro-crypto leaders in office, Ripple and the broader crypto community are poised to navigate a more supportive regulatory environment, potentially ushering in a new era of growth and adoption.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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