Ripple Labs and CEO Face Criticism Amid Trump Meeting Rumors

Ripple Labs and its CEO, Brad Garlinghouse, have come under scrutiny following rumors of a meeting between Garlinghouse and President-elect Donald Trump. The speculation coincides with a surge in Ripple’s native token, XRP, which jumped over 17% on November 15, fueled by expectations of a more favorable regulatory environment for cryptocurrencies under the incoming administration.

Industry Executives Respond to Meeting Rumors

The rumored meeting has sparked criticism from prominent figures in the cryptocurrency industry. Ryan Selkis, former CEO and founder of Messari, commented on social media, accusing Garlinghouse of promoting XRP and central bank digital currency (CBDC) implementations.

Pierre Rochard, Vice President of Research at Riot Platforms, echoed Selkis’ concerns, stating:

"We can’t let Ripple co-opt the United States policymaking process with their anti-Bitcoin agenda."

Rochard also expressed hope that President-elect Trump would appoint Bitcoin advocates to key positions in his administration.

Ripple CEO’s Stance on the Future of Crypto

During a recent appearance on Fox Business, Garlinghouse refrained from confirming or denying the rumored meeting with Trump. However, he expressed optimism about the crypto industry’s prospects under Trump’s leadership:

"The crypto industry has embraced Trump; Trump has embraced the crypto industry. I think it's very genuine. He sees the opportunity, innovation, and entrepreneurship. I am very excited about what the future holds."

Garlinghouse also highlighted the detrimental impact of outgoing SEC Chairman Gary Gensler’s approach to crypto regulation, calling it a primary factor in the suppression of U.S.-based crypto projects.

Market Reactions and Regulatory Outlook

XRP’s price rally appears to be partly driven by anticipation of regulatory changes, including Trump’s pledge to remove Gensler on his first day in office. This promise has gained strong support from the crypto community, which has long criticized Gensler’s enforcement-first approach to regulation.

The sentiment was further amplified as 18 U.S. states, including Texas, Ohio, and Wyoming, filed a lawsuit against Gensler, accusing him of "gross government overreach" in his handling of the crypto industry.

Looking Ahead

The potential policy shifts under the Trump administration, combined with Ripple's high-profile presence, signal a period of significant change for the cryptocurrency industry. While the rumored meeting remains unconfirmed, the developments underscore the growing intersection of crypto, regulation, and politics, with Ripple positioned at the center of the debate.