✨ Trump’s First 100 Days: A Checklist from Ripple’s CEO
posted 7 Nov 2024
Brad Garlinghouse, the CEO of Ripple, delivered a distinctive congratulatory message to the new president. In addition to his well-wishes, he proposed key reforms aimed at restructuring the SEC in Trump’s early administration.
“Let me begin by extending my congratulations on your election as President of the United States. This is a milestone moment, and I am confident you will achieve great things for the nation. With that said, may I offer a short checklist for your first 100 days in office,” remarked Brad Garlinghouse.
Garlinghouse’s recommendations resonated within the crypto sphere, though not quite in the way he might have hoped.
Highlights from Garlinghouse's "сhecklist":
- Dismiss the current SEC Chair. Gensler has eroded the trust in regulatory agencies, making his immediate replacement necessary.
- Choose a new SEC Chair. Ripple’s CEO proposes candidates like Christopher Giancarlo (former head of the CFTC), Brian Brooks (ex-Treasury department leader), or Daniel Gallagher (former SEC commissioner) as suitable options to rebuild the SEC’s reputation.
- Advocating for the progression of the digital asset market structure bill, which aims to allocate cryptocurrencies to various categories reflecting their functions and risk profiles. Garlinghouse urges the administration to arrange a Senate meeting to fast-track discussions on this matter.
- Clarifying cryptocurrency status officially. Garlinghouse jokingly asked Trump about Ethereum’s standing, questioning whether he, like with Bitcoin and XRP, considers ETH not to be a security (elevating XRP to Bitcoin's status and above Ethereum).
Critics were quick to point out that the Ripple CEO had recently been an outspoken backer of Kamala Harris, contributing substantial amounts to her campaign.
This is a clear demonstration of how figures in the crypto industry can prioritize regulation over political allegiance. For Garlinghouse, whose company has been embroiled in a nearly four-year court battle with the SEC, this adaptability makes sense.
Now, we’ll see if Trump’s administration takes heed of this roadmap and what actions will follow for SEC reform. Those 100 days will fly by.
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