Shortly before Donald Trump was officially announced to be the next president of the United States of America on November 6, 2024, the entire crypto market started to heat up. Bitcoin rallied to its new ATH above $93,000 on November 14 in proximity of the psychological $100,000 level.
The optimism comes from investors who believe that Trump’s administration is favorable to cryptocurrencies and other policies, such as reducing the corporate tax rate from 21% to 15%.
Ripple CEO Brad Garlinghouse said this wave of optimism has contributed $800 billion to the U.S. crypto market.
During an interview with Fox Business, Garlinghouse was optimistic about Trump’s presidency and what it might mean for companies in the digital asset space.
The CEO noted that this new development signaled a change from the so-called ‘war against crypto,’ a time characterized by harsh crackdowns by regulatory authorities such as the SEC.
ADA and SOL, the other two U.S.-based cryptos, have also increased in value as investors are positive about the new administration’s policies.
The volume of the crypto market has now reached $3.2 trillion, up from $2.4 trillion in the period before the election. Bitcoin’s buoyant performance has also seen a rise in other U.S.-focused assets, with trading platform Robinhood listing tokens like XRP and Cardano as interest increases.
Garlinghouse said this increase was due to expectations of clearer regulations and policy changes in the Trump administration. “The United States is back in the driver’s seat,” he said, underscoring the market’s response to the administration’s pro-innovation stance.
Garlinghouse lamented how the previous administration, under chair Gary Gensler, litigated several laws against crypto firms such as Ripple. He said that these enforcement actions hamper innovation and cause the US to lose market share in the global cryptocurrency business.
With Gensler out and Trump’s team indicating a less opaque regulatory environment, Garlinghouse is optimistic about industry prospects. “This isn’t just a win for crypto—it’s a win for U.S. innovation,” he noted.
When asked about the rumors surrounding the alleged meeting with Trump or his team members, Garlinghouse was vague and did not rule out the rumors. “I’m not going to comment on specifics,” he said, leaving speculation open.
He noted that Ripple was active during the election period, engaging policymakers who were friendly to cryptocurrencies to push for favorable regulation of growth and innovation.
With Trump in the White House, the crypto industry is gearing up for what could be a golden era. Bitcoin is nearing $100,000, U.S.-based cryptos are soaring, and the market feels optimistic for the first time in years.
As Garlinghouse said, “The United States is back in the driver’s seat.” The question now is, how far will this momentum take us?
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