Brad Garlinghouse, the Ripple CEO, has outlined several crypto-friendly policies that President-elect Donald Trump should advance in his first 100 days.
The 2024 U.S. presidential election has concluded with Republican candidate Donald Trump emerging as the victor. Trump captured 277 electoral votes and received 71.2 million votes in total, translating to 51% of the popular vote.
Meanwhile, Democratic candidate Kamala Harris garnered 224 electoral votes and accumulated 66.28 million votes, representing 47.5% of the total.
Amid Trump’s early lead, the crypto market experienced a surge, with Bitcoin (BTC) reaching a record-breaking high of over $75,000 earlier in the morning. Though BTC has since retreated slightly, it remains steady above the $74,000 mark.
Ripple CEO Presents 100-Day Demands for Trump
Amid the election’s impact on cryptocurrency markets, Ripple CEO Brad Garlinghouse has outlined what he sees as critical steps Trump should prioritize to strengthen the U.S. cryptocurrency industry in his first 100 days in office.
.@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…— Brad Garlinghouse (@bgarlinghouse) November 6, 2024
Garlinghouse, a long-time advocate for clearer crypto regulations partly due to Ripple’s years-long battle with the U.S. Securities and Exchange Commission (SEC), called on Trump to make leadership changes at the SEC, especially regarding SEC Chair Gary Gensler.
Garlinghouse has urged Trump to dismiss Gensler on day one, advocating for the SEC to be led by figures who are more receptive to pro-crypto policy. Recall that Trump presented this as one of his campaign policies, noting during the Bitcoin 2024 Conference that he would fire Gensler on day 1 as president.
Among Garlinghouse’s suggestions for Gensler’s replacement, he mentioned Christopher Giancarlo, a former chairman of the Commodity Futures Trading Commission (CFTC), Brian Brooks, former Acting Comptroller of the Currency, and Dan Gallagher, a former SEC commissioner.
Regulatory Clarity is Paramount
Besides leadership changes at the SEC, Garlinghouse is pushing for bipartisan legislative cooperation to advance a comprehensive digital asset market structure bill. The bill could address regulatory gaps and provide clarity for the local crypto industry.
Another point on Garlinghouse’s list is clarification around asset classifications. He stressed the need for Trump’s administration to define key cryptocurrencies such as Ethereum (ETH), much like the clarity XRP and BTC have received.
Such regulatory transparency would address whether ETH should be classified as a security, which remains a divisive topic within the industry. Despite the SEC approving Ethereum ETFs, the regulatory agency has not publicly declared that ETH is not a security.
Notably, Trump’s campaign included promises to bring clarity to the cryptocurrency sector, retain the government’s Bitcoin holdings, and prevent the introduction of a central bank digital currency (CBDC).
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
