Ripple CEO Brad Garlinghouse is making headlines once again, this time for being shortlisted for a crucial position on President Donald Trump’s U.S. Crypto Advisory Council. This council, established by executive order during Trump’s first week in office, is poised to have a significant impact on shaping crypto policies and regulations in the United States.
The landscape of U.S. crypto regulations has been a hot topic, especially under the Biden administration where many crypto firms have expressed concerns about unclear and stringent regulations. However, with Trump’s emphasis on fostering innovation in the digital asset space, the advisory council is aiming to bring together industry leaders to engage in discussions about the future of crypto in the country.
One of the key challenges that the council will face is determining whether cryptocurrencies should be classified as commodities or securities. This classification directly influences the regulatory oversight by agencies such as the SEC or CFTC.
Garlinghouse’s potential appointment to the council has sparked speculation about the influence Ripple could have on shaping crypto policy. Known for his advocacy for clearer regulations, his involvement could have a significant impact on the industry as a whole.
In addition to Garlinghouse, other prominent figures in the crypto industry are also being considered for seats on the council. This includes individuals like Kraken’s former general counsel Marco Santori, crypto podcast host Frank Chaparro, as well as CEOs from major firms such as Circle’s Jeremy Allaire, Coinbase’s Brian Armstrong, and Crypto.com’s Kris Marszalek.
There are also murmurs circulating about the potential inclusion of XRP, Ripple’s digital asset, in a national reserve list. While there has been no official confirmation on this matter, some speculate that Trump’s previous meetings with Ripple executives prior to his inauguration could be tied to this development. If this turns out to be true, it could position Ripple as a significant player in the U.S. financial system.
As the crypto industry continues to evolve and gain traction, the role of regulatory bodies and advisory councils becomes increasingly crucial. With leaders like Brad Garlinghouse and other industry experts potentially shaping U.S. crypto policies, the future of digital assets in the country looks promising.