By Abhijeet
Key Points
- Brad Garlinghouse reportedly met President-elect Donald Trump.
- Critics accuse him of pushing XRP and CBDC agendas.
- Former Messari CEO Ryan Selkis voiced strong opposition.
- The crypto community watches Trumpโs pro-crypto promises closely.
Brad Garlinghouse, CEO of Ripple Labs, has come under fire following reports of a private meeting with President-elect Donald Trump.
The Ripple CEO Trump meeting was first rumored on November 16 after Garlinghouse appeared on FOX Business, sparking speculation about the nature of their discussions.
Coinciding with this interview, XRP, Rippleโs native cryptocurrency, experienced a sharp double-digit rally, crossing the $1 mark.
While Garlinghouse has neither confirmed nor denied the meeting, the crypto community has been quick to express their opinions, with many criticizing his alleged promotion of XRP and Central Bank Digital Currency (CBDC) policies to Trumpโs administration.
Who is criticizing? Iโm OK with it lol ๐
Ripple CEOโs Move to โShill XRP and CBDC Implementationsโ Faces Criticism – DailyCoin https://t.co/8mXpH5rcRxโ Sam The Cat ๐บ ๐ฤ (@Samthe34041833) November 17, 2024
Crypto Executives Express Disapproval
The rumored Ripple CEO Trump meeting has drawn widespread criticism from influential voices in the cryptocurrency space. Ryan Selkis, former CEO of Messari, was among the first to voice his discontent on X (formerly Twitter).
Selkis accused Garlinghouse of prioritizing Rippleโs interests over the broader decentralization ethos of the crypto industry.
โBrad Garlinghouse is shilling XRP and CBDC implementations. I am shilling American dynamism and smart appointments that will solidify Trumpโs legacy. We are not the same,โ Selkis wrote.
Selkisโs remarks struck a chord with others in the crypto space. Pierre Rochard, Vice President of Research at Riot Platforms, also weighed in, highlighting concerns over Rippleโs perceived anti-Bitcoin stance.
โWe canโt let Ripple co-opt the United States policymaking process with their anti-bitcoin agenda. Hopefully, Trump will staff his administration with more bitcoiners!โ Rochard stated.
The alleged meeting underscores ongoing tensions in the crypto world between proponents of decentralized currencies like Bitcoin and those backing centralized solutions such as XRP and CBDCs.
Trumpโs Pro-Crypto Promises Under Scrutiny
The Ripple CEO Trump meeting has reignited discussions about how the incoming administrationโs policies will shape the future of cryptocurrency in the U.S. During his presidential campaign, Trump made several promises that resonated with the crypto community, including pledges to:
- Establish the U.S. as the global leader in cryptocurrency.
- Create a strategic Bitcoin reserve in the U.S. Treasury.
- Boost support for decentralized finance (DeFi) projects and Bitcoin mining.
- Replace SEC Chair Gary Gensler, whose tenure has been marked by contentious regulatory actions against crypto firms.
While Trumpโs pro-crypto rhetoric has been welcomed by many, the reported meeting with Rippleโs CEO has raised concerns about whether certain projects, like XRP, might gain undue influence in the policymaking process. Ripple has long been criticized for its centralized approach, which contrasts sharply with the decentralized principles championed by Bitcoin and many other cryptocurrencies.
Rippleโs Role in the New Administration
The Ripple CEO Trump meeting is particularly controversial due to Rippleโs ongoing legal battles with the SEC. Ripple has faced accusations of selling unregistered securities, although a recent partial court victory bolstered its claims that XRP is not a security when sold on secondary markets.
If Trump aligns his administration with Ripple, it could significantly shift the cryptocurrency regulatory environment. Supporters of Ripple argue that its solutions for cross-border payments and CBDCs could provide valuable infrastructure for governments and financial institutions.
However, critics worry that such a partnership could undermine the decentralized ethos of the broader crypto ecosystem.
As the crypto industry watches Trumpโs transition to power, questions linger about how the Ripple CEO Trump meeting might influence future crypto policies.
Will Rippleโs vision of blockchain technology take center stage, or will decentralized platforms like Bitcoin remain the focus of U.S. crypto policy?
