- Ripple CEO Garlinghouse highlights record U.S. crypto deals post-election, driven by regulatory optimism under new leadership.
- Ripple shifts focus to the U.S., with 75% of open roles now stateside, signaling confidence in improved regulatory clarity.
- SEC’s potential withdrawal of Ripple appeal could set legal precedent, boosting XRP’s value and paving the way for U.S. XRP spot ETFs.
John Deaton recently in an X (formerly twitter) post, reflected on Brad Garlinghouse’s take that there has been an uptick in U.S. crypto deals following the 2024 presidential election.
Garlinghouse says that Ripple secured more U.S. deals in the last six weeks of 2024 than in the previous six months. He emphasized the impact of regulatory challenges on Ripple’s operations, attributing the surge in deals to renewed optimism under the incoming administration.
Regulation and Ripple’s U.S. Expansion
Brad Garlinghouse pointed out the effects of regulatory ambiguity on Ripple’s business. He shared that U.S. companies frequently advised Ripple to steer clear of the U.S. market due to unclear regulations.
However, the sector is shifting. 75% of Ripple’s open roles are now U.S. based, a change from the past four years when most hires were outside the U.S. John Deaton also weighed in on broader regulatory issues, noting excessive bureaucracy as a barrier to innovation.
He noted the lengthy permit processes contributing to problems like the housing shortage in America. Deaton proposed streamlining these processes and using tax credits to incentivize development, aiming for broader industry improvements fueled by a new administration.
Optimism Under New Leadership
The crypto market renewed optimism aligns with the incoming administration’s pro crypto stance. Garlinghouse praised Scott Bessent, David Sacks, and Paul Atkins, attributing the fast deal making and job growth to their influence.
Last year, Ripple launched its stablecoin RLUSD, which quickly surpassed PYUSD and EURC in trading volume, reflecting the positive momentum. Paul Atkins, the incoming SEC chair, is expected to change the Commission’s stance on crypto. This change could speculatively see the long standing lawsuit against Ripple and Garlinghouse dropped.
XRP’s Outlook
Despite the optimism, XRP remains below its January 2018 high of $3.5505, at press time trading at $2.41. The uncertainty around the SEC’s plans to challenge rulings in the Ripple case continues to weigh on the XRP.
The SEC’s appeal opening brief is due by January 15, with recent agency actions suggesting an imminent filing. Market expectations are high for Paul Atkins to reverse the SEC’s course.
Withdrawing the appeal could establish the Programmatic Sales of XRP ruling as a substantial legal precedent. Incase of a withdrawal this could lead to a U.S. XRP spot ETF market, potentially boosting XRP’s value and leading growth in the broader crypto market.
