The 2024 U.S. election has ignited a fresh wave of optimism across the cryptocurrency landscape. Ripple CEO Brad Garlinghouse and other key industry leaders view it as a turning point for regulatory clarity in the crypto sector. With former President Donald Trump returning to office and a slate of pro-crypto candidates securing wins, Garlinghouse sees these political shifts as a potential catalyst for long-awaited regulatory reforms that could reshape the digital asset space.
On Wednesday, Garlinghouse took to X (formerly Twitter) to mark the victory. He appreciated candidates like Bernie Moreno, Ritchie Torres, Kirsten Gillibrand, and Andy Barr for their positive election outcomes.
To everyone who doubted it:
— Brad Garlinghouse (@bgarlinghouse) November 6, 2024
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.
The election results underscore a growing bipartisan acceptance of digital assets, with notable victories indicating support for pro-crypto policies. However, a few crypto supporters did fall short in their bids for office, such as XRP advocate John Deaton, who ran against crypto-skeptic Senator Elizabeth Warren. Nevertheless, the overall electoral outcome is seen as a triumph for the crypto sector, which is hopeful for a friendlier regulatory landscape.
Ripple’s ongoing legal battle with the SEC is also seen in a new light amid these political shifts. Many in the crypto community are optimistic that Trump’s presidency could change the SEC, including the possible departure of SEC Chair Gary Gensler, who has been a tough regulator on crypto. With a new administration, there is hope that the SEC’s approach may become more open, potentially expediting a favorable resolution for Ripple in its lawsuit.
Crypto Market Reacts to U.S. Election with Major GainsBrian Armstrong, the CEO of Coinbase, said that Bernie Moreno’s victory in Ohio was quite critical. This victory led to the exit of Sherrod Brown, a critic of cryptocurrencies, from the Senate. This change reflects the enhancement of voter appreciation of candidates supporting digital assets.
Being anti-crypto is simply bad politics pic.twitter.com/Y6mPMSE3C0
— Brian Armstrong (@brian_armstrong) November 6, 2024
Coinbase CLO Paul Grewal hinted that the court system could also be affected. He stated:
I’m going to guess that at least a couple of Supreme Court Justices now feel free to make retirement plans.
According to The New York Times, the Republican Party is almost certain to get the majority of the Congress. Crypto proponents see this trend as an indication that the journey to reaching a definitive regulatory framework has been hastened. This new balance of power can open up the much-needed changes in the crypto market.
