Ripple CEO hails the “Trump Effect” for boosting U.S. crypto revival

USA – Ripple CEO Brad Garlinghouse has attributed a resurgence in U.S. crypto innovation and adoption to what he calls the “Trump bull market,” marking a turning point after years of regulatory hurdles under the leadership of SEC Chairman Gary Gensler.

Reflecting on the political shift, Garlinghouse remarked, “2025 is here, and the Trump bull market is real,” signaling optimism for the industry’s future.

Ripple, which had previously been constrained by legal challenges and a hostile regulatory environment, is now making a robust comeback in the U.S. market.

The change is evident in Ripple’s hiring practices, with 75% of its current open positions based in the United States—a stark contrast to the previous four years when the company primarily hired overseas.

This shift is accompanied by significant deal-making activity, with Ripple signing more U.S.-based agreements in the final six weeks of 2024, following Trump’s election victory, than in the preceding six months.

Garlinghouse also highlighted the influence of key figures in Trump’s circle, including Scott Bessent, David Sacks, and Paul Atkins, for laying the groundwork for innovation and job creation in the crypto sector even before the new administration takes office.

These developments underscore Ripple’s renewed focus on leveraging favorable political and economic conditions.

A pro-crypto congress paves the way

Garlinghouse lauded the 119th Congress as the “most pro-crypto Congress in history,” emphasizing the legislative momentum surrounding the cryptocurrency industry.

With a record US $135 million in campaign contributions from crypto advocates directed toward Trump and critical congressional races, the industry’s demands are clear: end the SEC’s lawsuits against crypto companies, facilitate access to global banking systems, and establish a U.S. Bitcoin reserve.

This alignment of political and financial interests has set the stage for regulatory reforms that could eliminate barriers to crypto innovation in the United States.

Meanwhile, as the U.S. gears up for a more crypto-friendly era, global financial dynamics are shifting rapidly.

The Global Financial Landscape in Transition

While the U.S. moves toward a crypto resurgence, international financial systems are increasingly divided between Western and Eastern blocs.

Countries such as Thailand, Hong Kong, and the UAE have aligned with China’s mBridge initiative, a digital platform designed to settle cross-border transactions using central bank digital currencies (CBDCs).

This initiative aims to reduce reliance on the U.S. dollar and SWIFT, bypassing American financial oversight. Saudi Arabia joined mBridge in mid-2024, further bolstering this effort.

The growing tensions over the U.S. dollar’s dominance are evident in the Bank for International Settlements’ withdrawal from mBridge.

Russian President Vladimir Putin has openly endorsed the platform as a way to circumvent international sanctions.

Similarly, countries like India and several Southeast Asian nations are developing independent payment networks to enable seamless cross-border transactions.

For example, tourists from Hong Kong can now pay for services in Thailand using QR codes linked to their domestic bank accounts, illustrating the increasing adoption of alternative payment methods.

Additionally, the tokenization of financial and real-world assets is emerging as the next major frontier, with Citigroup predicting a US $4 trillion market by 2030.

Leading the way in this domain are countries like Hong Kong and Singapore, which are exploring digital green bonds and using smart contracts to streamline financial operations.

However, enthusiasm for CBDCs appears to be waning. A recent survey revealed that only 13% of central banks view CBDCs as the optimal solution for cross-border payments, down from 31% in 2023.

China’s digital yuan, once positioned as a global leader in digital payments, has struggled to gain widespread adoption.

Instead, many countries are turning to alternatives like tokenized deposits, which offer greater flexibility by relying on deposit insurance rather than full reserve backing.

The dawn of a new era

As the second Trump administration prepares to take office on January 20, 2025, the crypto industry is already taking bold steps.

Hive Digital, a mining company, recently announced plans to relocate its headquarters from Vancouver, Canada, to San Antonio, Texas, citing the incoming administration’s pro-Bitcoin stance.

Similarly, Morgan Stanley is reportedly considering adding cryptocurrency trading to its E-Trade platform, with spokespeople pointing to the favorable rhetoric from Trump’s team as a key motivator.

Prominent voices like ARK Invest founder Cathie Wood have predicted a surge in corporate mergers and acquisitions over the next four years, driven by pro-innovation policies and Bitcoin’s inherent scarcity.

Wood has also forecasted a potential US $1 million Bitcoin price by 2030, emphasizing the transformative potential of deregulation under the new administration.

The anticipated regulatory overhaul promises a business-friendly environment that could unlock unprecedented growth for the crypto industry.