Ripple Labs CEO Encounters Criticism for Promoting XRP and CBDCs During Reported Meeting with Trump

Ripple Labs CEO Brad Garlinghouse is facing criticism following reports of a meeting with President-elect Donald Trump in which he advocated for XRP and central bank digital currencies (CBDCs).

In a recent message on X, former Messari CEO Ryan Selkis accused Garlinghouse of “promoting XRP and CBDC initiatives.”

Riot Platforms’ Vice President of Research, Pierre Rochard, echoed these sentiments, alleging that Ripple is advancing an “anti-Bitcoin agenda” and cautioned about Ripple’s impact on U.S. policy decisions.

Rochard Urges Trump to Appoint More Bitcoin Supporters

Rochard urged Trump to include more Bitcoin supporters in his administration.

We can’t allow Ripple to influence the United States policymaking process with their anti-Bitcoin agenda.
Hopefully, Trump will staff his Administration with more Bitcoin advocates! https://t.co/TiXxAMRF7h

— Pierre Rochard (@BitcoinPierre) November 16, 2024

The purported meeting has coincided with a rise in XRP’s value, with its price seeing double-digit increases.

Speculation regarding the meeting’s influence on the price surge has intensified the ongoing debate.

During a recent appearance on Fox Business, Garlinghouse refrained from confirming or denying the meeting but commended Trump’s rapport with the crypto sector.

“Trump has embraced the crypto industry, and I believe he acknowledges its potential for innovation and entrepreneurship,” Garlinghouse stated, expressing hope for the sector’s prospects under the new administration.

Garlinghouse also highlighted the market’s favorable reaction to Trump’s election win, pointing to the adversarial stance of SEC Chairman Gary Gensler as a significant factor hindering U.S.-based crypto initiatives.

Trump’s commitment to dismiss Gensler on his first day in office has received considerable backing from crypto supporters.

Compounding the situation, 18 U.S. states have initiated a lawsuit against Gensler, accusing him of “significant government overreach” in regulating the crypto sector.

States such as Texas, Ohio, and Wyoming are contesting Gensler’s policies, which they claim infringe upon states’ rights.

Recently, the SEC has been subjected to increasing scrutiny due to its “regulation-by-enforcement” strategy concerning the crypto industry.

Critics contend that the SEC has not succeeded in creating a clear regulatory framework for cryptocurrencies, choosing instead to pursue legal actions against prominent industry figures.

As reported, a coalition of seven U.S. states has united to contest the Securities and Exchange Commission’s (SEC) regulation of cryptocurrency.

Robinhood Reintroduces XRP

Last week, Robinhood Crypto reinstated three significant altcoins, including XRP, on its U.S. trading platform.

XRP was previously removed from several exchanges, including Robinhood, after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in 2020, claiming XRP was an unregistered security.

In June 2023, Robinhood also delisted SOL, ADA, and Polygon (MATIC) after the SEC categorized these assets as unregistered securities in lawsuits against Binance and Coinbase.

The recent relisting in the U.S. indicates a renewed confidence in XRP and other major altcoins, as regulatory clarity surrounding these assets continues to develop.

“We’ve consistently heard from our customers that they want access to more digital assets, and we’re pleased to continue expanding our crypto offerings,” Johann Kerbrat, Robinhood Crypto’s Vice President and General Manager, stated.

“With easier access, we believe crypto presents opportunities for those who have been underserved by the traditional financial system.”

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