Ripple Labs CEO Faces Backlash for Shilling XRP and CBDCs in Alleged Trump Meeting

Ripple Trump XRP

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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November 17, 2024

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Ripple Labs CEO Brad Garlinghouse is under fire after rumors surfaced of a meeting with President-elect Donald Trump where he promoted XRP and central bank digital currencies (CBDCs).

In a recent post on X, former Messari CEO Ryan Selkis accused Garlinghouse of “shilling XRP and CBDC implementations.”

His comments were echoed by Riot Platforms’ Vice President of Research, Pierre Rochard, who accused Ripple of pushing an “anti-Bitcoin agenda” and warned against Ripple’s influence on U.S. policymaking.

Rochard Calls for Trump to Appoint More Bitcoiners

Rochard called for Trump to appoint more Bitcoin advocates to his administration.

The alleged meeting has coincided with a surge in XRP’s value, with its price experiencing double-digit gains.

Speculation about the meeting’s role in the rally has added fuel to the ongoing controversy.

During a recent Fox Business appearance, Garlinghouse declined to confirm or deny the meeting but praised Trump’s relationship with the crypto industry.

“Trump has embraced the crypto industry, and I think he recognizes its potential for innovation and entrepreneurship,” Garlinghouse said, expressing optimism about the sector’s future under the new administration.

Garlinghouse also noted the market’s positive response to Trump’s election victory, citing the hostile stance of SEC Chairman Gary Gensler as a major factor suppressing U.S.-based crypto projects.

Trump’s promise to fire Gensler on his first day in office has garnered widespread support from crypto enthusiasts.

Adding to the tension, 18 U.S. states have filed a lawsuit against Gensler, accusing him of “gross government overreach” in regulating the crypto industry.

States like Texas, Ohio, and Wyoming are challenging Gensler’s policies, which they argue violate states’ rights.

As of late, the SEC has been facing growing criticism due to its “regulation-by-enforcement” approach to the crypto industry.

Critics argue that the SEC has failed to establish a clear regulatory framework for cryptocurrencies, opting instead to pursue legal action against key industry players.

As reported, a coalition of seven U.S. states has come together to challenge the Securities and Exchange Commission’s (SEC) regulation of cryptocurrency.

Robinhood Relists XRP

Last week, Robinhood Crypto reintroduced three major altcoins, which include XRP, to its U.S. trading platform.

XRP was initially delisted from multiple exchanges, including Robinhood, after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in 2020, alleging XRP was an unregistered security.

In June 2023, Robinhood also delisted SOL, ADA, and Polygon (MATIC) after the SEC classified these assets as unregistered securities in lawsuits targeting Binance and Coinbase.

The recent relisting in the U.S. signifies a renewed confidence in XRP and other major altcoins, as regulatory clarity around these assets continues to evolve.

“We’ve consistently heard from our customers that they want access to more digital assets, and we’re pleased to continue broadening our crypto offering,” Johann Kerbrat, Robinhood Crypto’s Vice President and General Manager, said.

“With easier access, we believe crypto offers opportunities for those who have been underserved by the traditional financial system.”