Regulation
Ripple CEO Slams SEC! Will XRP Skyrocket After US Elections?
Ripple CEO Brad Garlinghouse recently voiced his opinions at a crucial cryptocurrency roundtable. Hosted by Democratic Congressman Ro Khanna, the Wednesday meeting aimed to discuss the future of cryptocurrency regulation in the United States. Attendees included high-profile figures like Mark Cuban, Coinbase’s Paul Grewal, and Circle’s Dante Disparte.
Key political leaders such as Senator Kirsten Gillibrand and Congressman Joe Neguse were also in attendance.
Here’s everything you need to know about this new development.
Garlinghouse criticizes SEC chairman
Garlinghouse didn’t mince words in his criticism of SEC Chairman Gary Gensler. He lamented that many Democrats continue to support what he called Gensler’s “illegal war on cryptocurrencies.” Garlinghouse even called Gensler a “Luddite,” a term for those who resist new technologies. This wasn’t the first time Garlinghouse expressed frustration with the SEC’s stance, having previously called it an “illegal war on cryptocurrencies.”
An important step towards regulation
After the meeting, Rep. Khanna shared his thoughts, emphasizing that the discussion was a step toward creating robust cryptocurrency regulation. Despite his optimism, many crypto enthusiasts remain skeptical about Democrats’ full support for cryptocurrency.
Garlinghouse echoed this sentiment, noting that Democrats’ resistance to crypto has led the Republican Party to adopt a more pro-crypto stance. With the upcoming U.S. election approaching, a change in administration could potentially end Gensler’s tenure and his heavy-handed regulatory approach, creating a more favorable environment for the crypto industry.
Praise for MP Khanna
In a Twitter post, Garlinghouse praised Khanna’s efforts, calling him an exceptional leader for his engagement with the cryptocurrency industry. Influential figures and political leaders see the meeting as a necessary and productive step, even as skepticism about the Democrats’ stance on cryptocurrency persists.
Understanding the Ripple vs SEC Case
This roundtable comes at a crucial time for Ripple and the crypto world in general. Ripple has been engaged in a legal battle with the SEC for nearly four years. Recently, Ripple filed a supplemental notice of leave in its case, hoping to influence the court’s decision by using the precedent set by the Binance decision. However, the SEC argued that the Ripple case and the Binance case were not similar.
XRP Market Analysis
XRP XRP proponents believe that the upcoming US elections could have a significant impact on cryptocurrency regulation. A crypto-friendly administration could introduce favorable policies, benefiting the entire crypto space. XRP is currently trading at $0.44848. On the 4-hour chart, the 100-moving average serves as a key resistance at $0.46, while the 20- and 50-moving averages support the price.
To regain its ascending channel, XRP needs to break resistance and break above $0.55. XRP has seen a 32% decline since its April surge.
Source: TradingView
Cryptocurrency enthusiasts are looking for regulatory support, and pro-cryptocurrency efforts, combined with potential changes in the U.S. political environment, could have a significant impact on the future of XRP. A favorable regulatory environment could lead to a rise in the price of XRP and provide substantial growth opportunities for investors.
Read also: SEC Eases Cryptocurrency Reporting Requirements: How Banks and Brokers Can Benefit
Will a change in government policy be the key to unlocking XRP’s true potential? Join the conversation!