Ripple Labs CEO Brad Garlinghouse is under fire following rumors of a meeting with President-elect Trump. Industry leaders accuse Ripple of promoting an anti-bitcoin agenda as XRP prices spike amid the speculation. The crypto community reacts sharply to potential policy influences.
Ripple Labs CEO Faces Backlash Over Trump Meeting Rumors
Industry heavyweights have taken aim at Ripple Labs and CEO Brad Garlinghouse following online reports that Garlinghouse met with the soon-to-be president, Cointelegraph shares.
Ryan Selkis, the former CEO and founder of Messari, commented, "Brad Garlinghouse is shilling XRP and CBDC implementations," in reaction to the rumors. Pierre Rochard, VP of research at Riot Platforms, reprinted Selkis's remarks.
In his letter titled "We can't let Ripple co-opt the United States policymaking process with their anti-bitcoin agenda," Rochard expressed his agreement with Selkis and expressed his hope that the President-elect would add more Bitcoin supporters to his cabinet.
XRP Price Surges Amid Speculation
The native currency of Ripple, XRP, recently had a price rise of double digits, with many attributing it to rumors of a meeting between the CEO of Ripple and Trump.
Garlingouse was mum on the subject of the supposed encounter between Trump and himself during a recent interview on Fox Business. But the chief executive officer is optimistic about the future of the cryptocurrency business under Trump:
"The crypto industry has embraced Trump; Trump has embraced the crypto industry. I think it's very genuine, and I think he sees the opportunity, he sees innovation, he sees entrepreneurship — I am very excited about what the future holds."
Ripple CEO Cites Gensler as a Major Industry Obstacle
Additionally, the CEO of Ripple Labs did not seem startled by the good reaction of the cryptocurrency markets following Trump's victory on November 5. The chief reason behind the restriction of crypto initiatives situated in the United States, according to Garlinghouse, is the industry-hatred of Securities and Exchange Commission (SEC) Chairman Gary Gensler.
Promising to dismiss Gary Gensler on his first day in office, President-elect Trump garnered significant support from the crypto industry and investors.
State Lawsuits Intensify Pressure on SEC Chair
A total of eighteen states in the United States sued Gensler after Trump's reelection. These states included: Iowa, Texas, Wyoming, Kentucky, West Virginia, Montana, and many more. Gensler was sued for allegedly engaging in "gross government overreach" by targeting the cryptocurrency industry, which was seen as a violation of state rights.