At the 2024 Bitcoin Conference held in Nashville, former President of the United States of America, Donald Trump, delivered a thundering speech in which he vowed to radically transform the existing legal framework of cryptocurrencies. Trump announced that when he returns to the White House, he will dismiss Gary Gensler, the head of the Securities and Exchange Commission (SEC), whom he accuses of pursuing and weaponizing the cryptocurrency business. “I will fire Gary Gensler and appoint a new SEC Chair on day one,” he said. “The persecution and weaponization of your business will cease once I am sworn in. I would appoint a new SEC Chair who believes America should foster the future rather than suppress it.”
Also Read: Trump’s Bitcoin Promises Fall Short at 2024 Nashville Conference
XRP Community Reaction and Market Impact
The SEC’s continuing litigation against Ripple, the firm behind XRP, has had a substantial influence on the cryptocurrency’s performance. Since December 2020, the SEC has accused Ripple of trading unregistered securities totaling $1.3 billion, putting significant pressure on XRP. This dispute has distinguished XRP from other cryptocurrencies, such as Bitcoin and Ethereum. Ripple CEO Brad Garlinghouse has continuously supported the XRP coin, stating that it should be categorized as a currency rather than a securities.
The case has had tremendous financial consequences for Ripple, with legal expenses piling up and major sell-offs by investors, notably Greyscale Digital Equity. Wallets with more than one million XRPs are at their lowest since 2019. As a result, XRP has lost three-quarters of its value, and some analysts question its future sustainability if the legal issues are not resolved.
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Crypto Market Surge Today
Bitcoin price has recently approached $70,000, this rise has coincided with greater market activity. It’s worth noting that Trump’s remarks at the Bitcoin Conference may have fuelled a newfound sense of hope in the crypto world. However, XRP’s initial influence has been less obvious than that of Bitcoin and other major cryptocurrencies.
Future Implications of Trump’s Promise to XRP
Trump’s vow to replace the SEC Chair has infused new hope into the XRP community, which has been working in the shadow of the current litigation. While regulatory changes are possible, the immediate impact on the XRP/USD pair is limited. Investors and market analysts are waiting to see if Trump’s promised regulatory change would boost XRP when the legal processes are completed. Regardless of the legal issues, Ripple’s global expansion and solid market position indicate that the cryptocurrency has enormous growth potential if it can overcome these regulatory hurdles.
As the 2024 election season unfolds, the prospect of regulatory changes looms large in the cryptocurrency sector. Trump’s plan to dismiss SEC Chair Gary Gensler may offer some hope for XRP and its supporters, but the cryptocurrency’s immediate market performance remains underwhelming. The outcome of Ripple’s legal battles and the broader regulatory landscape will be crucial in determining whether Trump’s promises translate into actual gains for XRP and the cryptocurrency industry as a whole.
Also Read: Donald Trump Surprises with Pro-Bitcoin Stance at Miners’ Meeting
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.