Ripple prepares for SEC policy shift amid Trump’s pro-crypto agenda

As Trump promises to replace SEC Chairman Gary Gensler, blockchain firm Ripple sees a chance for more positive policies in the changing regulatory environment.

Donald Trump’s promise to replace SEC Chairman Gary Gensler “on day one” raises hopes for a friendlier environment in the US for Ripple (XRP) and the broader crypto industry

As Crypto.news previously reported, Ripple CEO Brad Garlinghouse called for regulatory clarity, demanding the appointment of a pro-crypto SEC chairman. He specifically suggested candidates like Robinhood’s Dan Gallagher, former CFTC chairman Christopher Giancarlo and former Comptroller Brian Brooks as potential candidates.

.@realdonaldtrumpCongratulations!

Here’s some information for your first 100-day checklist to get things moving:
– Ateş Gensler. Day 1, no delays.
– Appoint Giancarlo, Brooks or Gallagher instead – those would be huge advances in rebuilding the rule of law (and its reputation)…

— Brad Garlinghouse (@bgarlinghouse) 6 November 2024

SEC and crypto industry

Since taking office in April 2021, Gensler has launched a crackdown on crypto, targeting crypto giants like Coinbase and Ripple for allegedly offering unregistered securities.

The SEC even secured a historic $4.5 billion settlement with Terraform Labs and its disgraced founder Do Kwon, who has been detained in Montenegro since 2023. As Crypto.news noted in a feature, US regulators imposed $32 billion in fines on crypto companies to address this issue. Compatibility disputes only in 2024.

The crypto space has long criticized Gensler’s approach; Coinbase CEO Brian Armstrong recently suggested that the next SEC chairman should publicly apologize for what he called “damage” to the U.S. crypto industry.

The next SEC chairman should drop all frivolous lawsuits and apologize to the American people.

This will not undo the damage done to the country, but it will begin the process of restoring confidence in the SEC as an institution. pic.twitter.com/kWVx73vYMs

— Brian Armstrong (@brian_armstrong) 29 October 2024

Typically, the SEC chairman resigns with the new administration. That means Gensler’s departure won’t happen until late January, when Trump returns to the Oval Office. If Gensler resigns, there will be a 2-2 split in the SEC, and more aggressive enforcement will likely be delayed until a new chairman is confirmed.