Ripple Labs CEO Faces Backlash for Shilling XRP and CBDCs in Alleged Trump Meeting

Ripple CEO Faces Criticism Amid Rumored Meeting with Trump

Former Messari CEO Ryan Selkis accused Garlinghouse of “shilling XRP and CBDC implementations.”

Ripple Labs CEO Brad Garlinghouse has come under scrutiny following unverified reports of a meeting with U.S. President-elect Donald Trump, where he allegedly advocated for the adoption of XRP and central bank digital currencies (CBDCs).

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The rumors have sparked controversy across the cryptocurrency industry, with some accusing Garlinghouse of pursuing agendas that conflict with decentralized financial principles.

Accusations of Promoting XRP and CBDCs

In a recent post on X (formerly Twitter), Ryan Selkis, former CEO of blockchain research firm Messari, accused Garlinghouse of “shilling XRP and CBDC implementations.” Selkis’s allegations were echoed by Pierre Rochard, Vice President of Research at Riot Platforms, who went further, accusing Ripple of promoting an “anti-Bitcoin agenda.”

Rochard criticized Ripple’s perceived influence over U.S. policymakers and called on Trump to appoint more Bitcoin advocates to his administration, ensuring a more decentralized approach to cryptocurrency policymaking.

XRP’s Price Surge Fuels Speculation

The alleged meeting coincided with a notable spike in XRP’s market value, with the cryptocurrency experiencing double-digit gains in a matter of days. This price surge has led to speculation about the potential influence of Garlinghouse’s rumored engagement with Trump on XRP’s rally.

When asked about the meeting during a recent appearance on Fox Business, Garlinghouse neither confirmed nor denied the encounter. However, he lauded Trump’s favorable stance toward the cryptocurrency sector.

“Trump has embraced the crypto industry and recognizes its potential for fostering innovation and entrepreneurship,” Garlinghouse said, expressing optimism about the sector’s future under the incoming administration.

A Crypto-Friendly Shift in U.S. Policy?

Garlinghouse also commented on the crypto market’s positive response to Trump’s election victory. He attributed much of the recent growth in optimism to Trump’s campaign promise to dismiss SEC Chairman Gary Gensler, whose tenure has been marked by a contentious approach to cryptocurrency regulation.

Gensler’s policies, described by critics as “regulation by enforcement,” have drawn backlash from the crypto community. His leadership has been cited as a key factor driving U.S.-based cryptocurrency projects to seek opportunities abroad.

Adding to the growing discontent, 18 U.S. states, including Texas, Ohio, and Wyoming, have filed lawsuits against Gensler, accusing him of exceeding federal regulatory authority and infringing on states’ rights.

In a separate development, a coalition of seven states has challenged the SEC’s broader cryptocurrency regulations, arguing that the agency has failed to provide clear guidance, opting instead for aggressive litigation against industry leaders like Ripple, Binance, and Coinbase.

Robinhood Relists XRP

Amid these developments, Robinhood Crypto has reinstated XRP on its U.S. trading platform. This move comes after a turbulent period during which XRP was delisted from several exchanges, including Robinhood, following the SEC’s 2020 lawsuit against Ripple. The suit alleged that XRP was an unregistered security.

The relisting, which also included altcoins like Solana (SOL), Cardano (ADA), and Polygon (MATIC), marks a shift in regulatory sentiment. It reflects a growing confidence in XRP and other digital assets as regulatory clarity gradually improves.

“We’ve consistently heard from our customers that they want access to more digital assets,” Johann Kerbrat, Robinhood Crypto’s Vice President and General Manager, said. “With easier access, we believe crypto offers opportunities for those underserved by traditional financial systems.”

Ripple and the Road Ahead

While the rumors of a meeting between Garlinghouse and Trump remain unverified, the controversy highlights the polarized views on Ripple and its role within the cryptocurrency ecosystem. For some, Ripple represents an opportunity for innovation and collaboration with traditional financial systems. For others, its ties to centralized initiatives like CBDCs stand in stark contrast to the decentralized ethos of Bitcoin.

As the debate unfolds, XRP’s resurgence and the evolving regulatory landscape underscore the growing importance of clear policies in shaping the future of cryptocurrencies in the U.S. and beyond.

Source: CryptoNews.com

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