Ripple faces scrutiny amid rumors of Trump meeting

Ripple Labs and its CEO, Brad Garlinghouse, have come under industry criticism following rumors of a meeting between Garlinghouse and President-elect Donald Trump.

The speculation has sparked reactions from notable industry figures.

Former Messari CEO Ryan Selkis commented, “Brad Garlinghouse is shilling XRP and CBDC implementations,” a remark shared by Riot Platforms' vice president of research, Pierre Rochard.

Rochard echoed Selkis' concerns, stating, “We can’t let Ripple co-opt the United States policymaking process with their anti-bitcoin agenda,” and expressed hope for more Bitcoin proponents in Trump’s administration.

These rumors contributed to a surge in Ripple’s native token, XRP, which rose over 17% on November 15.

The rally is believed to be influenced by expectations of a more crypto-friendly regulatory environment under Trump's administration.

In a Fox Business interview, Garlinghouse did not confirm or deny meeting Trump but conveyed optimism about the future under his leadership.

“The crypto industry has embraced Trump; Trump has embraced the crypto industry. I think it's very genuine, and I think he sees the opportunity, he sees innovation, he sees entrepreneurship — I am very excited about what the future holds,” he stated.

Garlinghouse attributed the positive market response to Trump's election victory on November 5 to the anticipated changes at the SEC.

He pointed out that current SEC Chairman Gary Gensler's perceived antagonism toward crypto has hindered U.S.-based projects.

Trump has promised to remove Gensler on his first day in office, a move welcomed by many in the crypto community.

After Trump's victory, 18 states, including Texas, Ohio, and Wyoming, filed a lawsuit against Gensler.

The suit accuses him of exceeding his authority and engaging in “gross government overreach” detrimental to the crypto industry.