With Donald Trump set to assume the presidency, there’s a strong belief that his term could spur growth within the cryptocurrency market. His promises are already fueling an upswing for American crypto businesses. For instance, Ripple CEO Brad Garlinghouse revealed that the company made substantial advancements by the end of 2024.
Over the past six weeks of the year, I’ve noticed an increase in U.S. partnerships that my investment portfolio is involved with. This surge could be attributed to the election of Donald Trump as President in November, which seems to have created a more favorable business climate for crypto and other industries.
“Trump Bull Market”
In his recent tweet, the executive attributed the post-election “Trump market rally” to the increased activity and expressed positivity about the future of Ripple. Additionally, Garlinghouse disclosed a significant change in hiring strategy, with 75% of Ripple’s open positions now located in the United States.
Over the last four years, a majority of new hires were brought in from overseas, primarily due to restrictions imposed by the Securities and Exchange Commission (SEC) under Gary Gensler’s leadership, which allegedly hampered Ripple’s domestic business prospects. In stark contrast to this trend, recent hires have been made domestically.
The team supporting President Trump has begun stimulating innovation and job creation in the U.S., even before officially taking office. Scott Bessent, David Sacks, Paul Atkins, among others, are leading this charge. Critics may have their opinions, but it’s clear that the ‘Trump factor’ is already having a positive impact on cryptocurrency – an effect that can be seen not only through his campaign promises but also in the administration’s immediate priorities.
Ripple vs. SEC
Ripple has encountered substantial issues with the Securities and Exchange Commission (SEC), who have accused the company and its leaders of amassing $1.3 billion through an unauthorized sale of securities. The SEC claimed that Ripple breached investor protection regulations by not providing sufficient information about XRP and their business operations.
Even though the blockchain entity consented to share all relevant data about XRP, the judge deemed the Securities and Exchange Commission’s request for eight years of banking records as excessive. After a two-year legal battle, a 2023 court decision found that in programmatic sales, XRP was not considered a security. However, it might be classified as one in situations involving institutional fundraising.
After years of exchanging legal blows, it seems this ongoing dispute might reach its end around 2025. Renowned American lawyer Jeremy Hogan has once again echoed his earlier views, suggesting that the Ripple versus SEC lawsuit could be resolved as early as spring 2025, possibly in April or May.
It’s anticipated that SEC Chair Gensler may resign, with crypto-friendly contender Atkins seemingly set to assume the position. This potential shift could carry substantial impacts on both Ripple and the larger cryptocurrency sector as a whole.
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2025-01-06 21:11