- Trump’s win drives $800 billion boost in U.S. crypto, per Ripple CEO Garlinghouse.
- Bitcoin surges to $93,000 as optimism grows around Trump’s crypto policies.
- ADA, SOL, and XRP rally amid Trump’s pro-crypto regulatory stance.
The U.S. crypto market is witnessing a massive surge following Donald Trump’s victory in the 2024 presidential election. Shortly before Trump was officially announced as the next president on November 6, 2024, the entire crypto space began heating up.
This renewed optimism has pushed Bitcoin to new all-time highs, reaching $93,000 on November 14, edging closer to the psychological $100,000 mark.
Investors are optimistic about Trump’s potential policies, including a proposed reduction in the corporate tax rate from 21% to 15%. Ripple CEO Brad Garlinghouse emphasized that this new political shift has unlocked approximately $800 billion for the U.S. crypto industry.
In an interview with Fox Business, Garlinghouse expressed confidence in the opportunities this administration presents for the digital asset space.
Garlinghouse noted that the Trump administration’s approach signifies a departure from the previous regulatory environment, which many in the crypto industry viewed as a ‘war on crypto.’
During the tenure of former SEC Chair Gary Gensler, several firms, including Ripple, faced stringent regulatory actions. According to Garlinghouse, these crackdowns stifled innovation, causing the U.S. to lose its competitive edge in the global crypto market.
With the new administration, Garlinghouse believes the landscape is set to change. He highlighted how the absence of Gensler and the introduction of pro-crypto policies signal a more favorable environment for blockchain firms. The Ripple CEO is optimistic that this shift will allow the U.S. to regain its dominance in the cryptocurrency sector.
In the wake of Trump’s electoral victory, the global crypto market cap surged from $2.4 trillion to $3.2 trillion. The momentum is driven by bullish sentiment among investors anticipating regulatory clarity and supportive policies under the new administration.
Bitcoin’s rally has, in turn, buoyed other U.S.-based cryptos, including Cardano (ADA) and Solana (SOL), which have seen a rise in value.
Major platforms like Robinhood have responded to the increasing demand by listing tokens such as XRP and Cardano, capitalizing on the surge in investor interest. Garlinghouse emphasized that the crypto industry is witnessing a resurgence due to clearer regulatory frameworks, which have been sorely lacking in previous years.
When questioned about recent rumors of a possible meeting between Ripple executives and members of Trump’s team, Garlinghouse remained tight-lipped. He did not confirm or deny the reports. Still, he hinted that Ripple had engaged with policymakers during the election period to advocate for growth-friendly regulations in the crypto sector.
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