2024-11-11 21:22 |
With the ink barely dry on the 2024 U.S. election results, Ripple CEO Brad Garlinghouse has wasted no time in laying out a bold agenda for President-elect Donald Trump’s first 100 days, aimed at reshaping crypto regulation.
As Bitcoin and other digital assets rally in response to a pro-crypto White House, Garlinghouse’s message underscores a central industry demand: regulatory clarity. His provocative recommendations published on X (ex-Twitter) reignited the discussion about the development of the Securities and Exchange Commission (SEC) and the further evolution of the digital asset space.
.@realDonaldTrump, Congratulations!
Some fodder for your first 100-day checklist to get things moving:
– Fire Gensler. Day 1, no delays.
– In his place, appoint Giancarlo, Brooks, or Gallagher – they’d be massive upgrades in rebuilding the rule of law (and reputation) at the…
Garlinghouse’s main recommendation? Fire SEC Chair Gary Gensler on “day one.” Known for his aggressive approach to crypto, Gensler’s tenure has drawn criticism from industry leaders who argue that his stance stifles innovation.
BREAKING: Gary Gensler is officially getting fired!!
Make America great again, make Crypto great again! #Trump #Bitcoin pic.twitter.com/yDxSFKyucG
Garlinghouse proposed three potential successors: Dan Gallagher of Robinhood, Christopher Giancarlo, former head of the Commodity Futures Trading Commission, and Brian Brooks, former acting Comptroller of the Currency.
According to Garlinghouse, any candidates would better support a balanced regulatory approach, restoring the SEC’s reputation and realigning it with crypto-friendly policies.
Advancing the Digital Asset Market Structure BillGarlinghouse’s second request to Trump was to support the Digital Asset Market Structure bill. This particular law, which was approved by the House of Representatives in May 2024, has been expected to be one of the outstanding measures towards creating the first set of rules to shape digital assets.
The bill can actually shift toward a clearer regulation of cryptocurrencies in the US since it would establish the definitions of which assets belong to the jurisdiction of the SEC and which ones should be regulated by the CFTC.
This bill is an important demarcation line that, when drawn, will offer much-needed certainty to investors and innovators alike whenever it is crossed. Those involved with cryptocurrencies continue to argue that regulatory ambiguity has led to the loss of billions in either staking capital or relocating it to other jurisdictions, making this bill critical for the industry.
The Question of Ethereum’s StatusRipple’s battle with the SEC concluded with a favorable ruling on XRP, but Garlinghouse is pushing for explicit confirmation that Ethereum (ETH) is also a non-security.
Although the SEC recently approved Ethereum ETFs, Garlinghouse called on Trump to ensure regulators confirm ETH’s status as they did for Bitcoin and XRP. This would prevent future legal disputes and solidify a more predictable framework for investors and innovators.
A New Era for Crypto?Open letter by Garlinghouse to Trump mirrors growing optimism within the crypto industry as more pro-Bitcoin policymakers come to power and BTC hits fresh highs.
Garlinghouse’s recent recommendations for planning for Trump’s return to office provide the strategies many expect for a significant change of pace in a far more favorable regulatory atmosphere for digital assets in the United States. As audacious as his list is, it is the voice of an industry that has waited for a clear policy direction that will support growth while protecting investors.
With the Trump locomotive steaming toward the White House, attention is turning to the SEC and whether a revamp of the rules might finally grant the crypto industry what it has long requested: regulation.
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