- The 119th US Congress, led by Republicans, brings potential regulatory shifts favoring the cryptocurrency industry.
- Ripple’s CEO praises the new administration, anticipating a pro-crypto stance and resolution to the SEC case.
- Reports of Ripple-IOG meetings with Trump’s team suggest a focus on future crypto regulatory frameworks.
The 119th US Congress was officially sworn in, marking a significant political shift with Republicans taking control of both chambers for the first time in six years. This development sets the stage for notable changes in various sectors, including the cryptocurrency industry.
On Friday, Trump-backed Mike Johnson secured re-election as the US House Speaker with a narrow 218-215 vote. His victory underscored the Republican Party’s consolidated influence in Congress. The new leadership comes as the cryptocurrency sector eyes potential regulatory changes under the new administration.
Ripple’s CEO has publicly expressed optimism about the incoming administration, calling the Republican-controlled Congress “the most pro-crypto” in history. These comments followed Donald Trump’s electoral victory and the subsequent anticipation of regulatory adjustments favoring the cryptocurrency industry.
Following Trump’s landslide victory in November, US-based cryptocurrency projects saw significant benefits. The previous administration’s regulatory stance, particularly from the SEC, had constrained many crypto businesses. The prices of assets like XRP and ADA surged, reflecting renewed market confidence.
Ripple and the SEC have been embroiled in a legal battle lasting over four years. The impending departure of SEC Chair Gary Gensler and Trump’s pro-crypto pick for his replacement have fueled expectations within the XRP community for a quicker resolution.
Reports surfaced of meetings involving Ripple CEO Brad Garlinghouse, IOG’s Charles Hoskinson, and Trump’s team. These discussions reportedly focused on the future regulatory framework for the cryptocurrency sector. While these meetings remain unconfirmed by Garlinghouse, they signal the new administration’s interest in crypto regulation.
The XRP community is closely monitoring upcoming changes at the SEC, as new leadership may alter the agency’s approach. The shift could lead to more favorable conditions for the industry, including the resolution of Ripple’s legal challenges.
The Republican-led Congress and Trump’s pro-crypto administration are expected to shape a new era for cryptocurrency regulation in the United States.
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