Ripple CEO, Brad Garlinghouse, took to social media to celebrate the 2024 election wins of pro-crypto candidates, including Donald Trump.
In his tweet dated 6 November 2024, Garlinghouse congratulated crypto supporting candidates Bernie Moreno, Ritchie Torres, Kirsten Gillibrand, and Andy Barr on their respective wins.
To everyone who doubted it:
the crypto voter is here to stay, loud and clear!Truly amazing to see crypto champions like @berniemoreno, @RitchieTorresNY, @gillibrandny and @RepAndyBarr get the W with this election.
— Brad Garlinghouse (@bgarlinghouse) November 6, 2024
He welcomed the victories as a potential turning point for crypto regulation, expecting progress in areas such as stablecoin regulation.
Ripple, currently engaged in a legal battle with the SEC, views the presence of crypto-friendly lawmakers as potentially beneficial to ongoing regulatory discussions.
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Key Industry Figures Welcome The Surge In Crypto Advocacy
Other industry leaders like Brian Armstrong, CEO of Coinbase welcomed the fact that more lawmakers supporting crypto-friendly policies will be taking office.
In an X post Armstrong said, “Being anti-crypto is simply bad politics.” He also highlighted the positive impact of pro-crypto leaders’ election, viewing it as beneficial for innovation and financial growth.
Cameron Winklevoss, co-founder of Gemini exchange, tweeted “Elizabeth Warren henchman Sherrod Brown has been defeated by @berniemoreno for Ohio Senate.”
Sherrod Brown is a known crypto critic and a close ally of Senator Elizabeth Warren, while Bernie Moren is an avid crypto supporting candidate. Winklevoss added that “this is what happens when you mess with the crypto army,” signaling an increased legislative backing for the industry.
He also went on to mockingly congratulate Senator Warren and US SEC chairperson, Gary Gensler.
The crypto army just delivered the Senate to the Republicans. Congratulations @SenWarren and @GaryGensler!
— Tyler Winklevoss (@tyler) November 6, 2024
Nic Carter, a well-known crypto investor and outspoken Trump supporter, was rather blunt while voicing his feelings. He said, “They tried to assassinate him. They impeached him. they made him a felon. They tried to imprison him for the rest of his life.”
Carter added, “They tried to bankrupt him with bogus lawsuits. They slandered him. They de-platformed him. And he persisted.”
While, Bitcoin Magazine’s CEO David Bailey called the 2024 election “the birth of the orange party” in a recent tweet, a reference to Bitcoin’s symbolic color and its growing influence in political circles.
Bailey also congratulated the Ulbricht family, following Trump’s earlier commitment at a Bitcoin Conference to pardon Ross Ulbricht, creator of the Silk Road marketplace.
A few other prominent figures backing Trump’s campaign include Mike Belshe, CEO of BitGo, Charles Hoskinson, founder of Cardano and Justin Sun, founder of Tron.
Key Lawsuits Poised to Benefit From Pro-Crypto Policymakers
The recent election victories of pro-crypto candidates could impact several high-profile legal battles within the crypto industry:
Ripple v/s SEC: Ripple’s ongoing case with the SEC concerning the classification of XRP as a security, may find a more favorable setting as legislative support grows for clearer crypto regulations.
Ripple has consistently advocated for clear guidelines on digital assets, a stance likely to gain traction following these elections.
The court has set a deadline for 15th January, 2025 for SEC to present their final arguments.
Coinbase v/s SEC: Coinbase’s legal challenge with the SEC, focused on the classification of unregistered securities, may also gain momentum as pro-crypto lawmakers advocate for policy clarity.
Additionally, Coinbase had requested a federal judge to decide if it can access SEC documents regarding the agency’s discussions on cryptocurrencies, according to Coindesk.
Crypto.com v/s SEC: Crypto.com also faced similar regulatory scrutiny from the SEC, which was outlined in their recent announcement.
The company addressed allegations relating to its staking program, emphasizing its commitment to transparency and compliance as it works through these regulatory challenges.
CFTC v/s Celsius Network: The CFTC has taken action against Celsius Network, with cases involving the platform’s collapse and its former CEO Alex Mashinsky.
Celsius is accused of misleading investors and mishandling funds.
Digital asset executives hope Trump’s potential return and promise to replace SEC Chair Gary Gensler could impact ongoing regulatory actions, including those against Coinbase, Kraken, and other crypto platforms.
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