Foreign media reports that Ripple CEO Brad Garlinghouse recently stated that the US "anti-crypto camp" has been weakened by court rulings, voter attitudes, and Trump's public statements. This statement comes after Trump promised to push for legislation to create a more stable digital asset market structure, and has once again brought the market's focus back to Ripple's years-long dispute with US regulators.
The Ripple lawsuit becomes the center of controversy.
The core issue Garlinghouse is referring to is the lawsuit filed against Ripple by the U.S. Securities and Exchange Commission (SEC) during Gary Gensler's tenure. The SEC sued Ripple in 2020, alleging that XRP was an unregistered security. This case has since significantly impacted Ripple's business development and put considerable pressure on XRP in institutional fund allocations.
The report noted that the lawsuit not only lasted for years but also incurred substantial legal costs for Ripple. For the company, this case became a major obstacle to its development in the US market.
The 2023 ruling changed XRP's situation.
The report cited case developments, stating that in 2023, U.S. Judge Analisa Torres ruled that the sale of XRP on the secondary market did not constitute a securities transaction. This ruling was subsequently seen as a significant turning point in the regulatory status of XRP.
The article argues that the case, initially seen as potentially devastating for Ripple, has actually paved the way for a clearer regulatory framework for XRP. Garlinghouse also uses this case to criticize the practice, arguing that suppressing financial innovation only preserves the old system and doesn't solve real problems.
Market structure legislation becomes the next focus
Foreign media reports indicate that the US Congress is pushing forward with legislation concerning the structure of the digital asset market. The report cites Galaxy Research's assessment that there is approximately a 75% chance the bill will become law in 2026. If passed, the regulatory nature of XRP and related jurisdictional arrangements could be further clarified.
The article also mentions that Trump recently pledged to push for a more long-term, more difficult-to-overturn set of rules for the digital asset market structure. This is his first public statement on the issue of the crypto market structure since March of this year.
According to the report, both Trump's statement and Garlinghouse's response point to the same thing: the long-standing confrontation between the US crypto industry and regulators is shifting towards a legislative and construction phase.
