With the upcoming presidential elections in the USA scheduled for November 2024, crypto enthusiasts are anticipating positive developments in the crypto space as cryptocurrencies have become central to election campaigns led by Donald Trump.
The US Securities and Exchange Commission (US SEC) has authority over all aspects of assets classified as securities within the US. The president in control appoints five commissioners on the advice with Senate’s consent.
The current board of the SEC has been involved in several cases with crypto companies and in most of these cases the regulator has maintained a hardline stance.
A Warning
A popular author in the crypto industry stated that it is riskier to settle any crypto case with the current SEC before the election, expressing doubt about the current trajectory. He suggests waiting out the elections before making big decisions.
Ripple Looks Forward to Elections
It can be significantly optimistic for Ripple, as it can lead to a decision in favor of Ripple. The change in leadership at the SEC if Trump wins the election could bring in significant changes for the crypto industry.
Hester Pierce, popularly known as “Crypto Mom” who has very open-minded leadership, shared similar views. In her view, it is very likely that all the cases that were filed with Gary Gensler surrounding cryptocurrencies are most likely to be dismissed.
The cases will be dismissed for the companies who were wrongly alleged to be a part of fraud or victims of fraud.
Brad Garlinghouse Echoes Community View on Election Impact
Brad Garlinghouse also shared similar views in an interview with a media agency where he stated that during the chairmanship of Gary Gensler, the crypto companies have been severely impacted.
Because of these, Donald Trump is getting a lot of favor from crypto community due to his support and positive outlook for the development in crypto industry. Thus, Biden’s party is also making changes to support crypto to gain support from the members of the industry.
These developments in the industry and optimism increases the anticipation for the approval of XRP ETFs. The dismissal of the case might also increase the probability for the approval. Thus, if Biden’s crypto policy changes then there will be dual increase in the probability of approval of XRP ETF.
Price Movement with the Increase in Optimism
Despite the increase in Optimism, the change has not led to significant change in the prices of XRP. At the time of writing, XRP was trading at $0.5329, experiencing a decline of 0.12%.
However, these fundamental developments in the crypto landscape is anticipated to boost the prices.
