Ripple CEO Brad Garlinghouse has declared that the “Trump Bull Market” is real and a critical turning point for the blockchain industry despite President-elect Donald Trump’s pending inauguration.
Garlinghouse noted that the crypto market is surging, driven by the “Trump effect ” and a boost for businesses in the sector. Trump’s evident support for emerging technological advancements has significantly improved and strengthened the industry’s prospects.
A Trump’s Proactive Team
Additionally, the Ripple CEO stated that Trump’s team is driving innovation and boosting job creation across the US.
“Team Trump is already jumpstarting innovation and job growth in the US with Scott Bessent, David Sacks, Paul Atkins and others at the helm, and they aren’t even in office yet! Say what you want, but the “Trump effect” is already making crypto great again – through his campaign, and in the Administration’s day 1 priorities,” Garlinghouse said.
The executive’s remark came amid a resurgence of optimism in the crypto space, fueled by political developments, institutional adoption, and evolving regulatory clarity.
Ripple’s CEO noted that Trump’s victory in the November election has reignited optimism within the crypto industry. This comes after the sector encountered numerous challenges during the Biden administration, particularly under the leadership of outgoing Securities and Exchange Commission (SEC) Chairman Gary Gensler.
Garlinghouse noted that the SEC significantly stifled Ripple’s growth, citing a prolonged legal dispute regarding XRP’s classification as an asset class between Ripple and the agency.
Ripple Outlines Firm’s Successes
Since November, Ripple has experienced renewed momentum, as reflected in recent statistics shared by Garlinghouse. He added that Ripple has expanded its operations within the United States, benefiting from relaxed regulatory pressures.
Recently, Ripple’s XRP flipped SOL and Tether’s USDT to become the third largest cryptocurrency by market capital. XRP currently has a market cap of over $137.3 billion. Following the report, the asset has spiked 1.44% in the last 24 hours, changing hands at $2.39.
The executive also tweeted that 75% of Ripple’s available positions are now in the United States—a significant change, considering that most of the company’s hires over the past four years were international.
Ripple Secures NYDFS Approval
Meanwhile, the report came after Ripple secured final approval from the New York Department of Financial Services (NYDFS) for its RLUSD stablecoin launch. The approval process involved rigorous assessments of Ripple’s compliance with anti-money laundering (AML) measures, consumer protection policies, and financial obligations.
The firm noted that RLUSD combines the stability of conventional fiat currencies with the speed and efficiency of blockchain technology, making it well-suited for various financial applications.
