Within the wake of Donald Trump’s victory within the US presidential election, crypto industry giants like Ripple and Coinbase are anticipating significant regulatory shifts. Trump has expressed a pro-crypto stance and has indicated his intention to switch Securities and Exchange Commission (SEC) Chair Gary Gensler “on day one” of his administration. This move may lead to a considerable shift in how the SEC handles ongoing crypto cases, including those against major firms like Coinbase and Ripple.
Will Trump’s SEC End The Coinbase And Ripple Cases?
The prospect of Trump appointing a crypto-friendly SEC chair—potentially someone like Commissioner Hester Peirce—raises questions on the long run of the SEC’s current enforcement actions. FOX Business journalist Eleanor Terrett sought insights from Coinbase’s Chief Legal Officer, Paul Grewal, regarding these potential changes.
“I feel the brand new administration will take a fresh take a look at all the present crypto cases brought under Gary Gensler and distinguish between those geared toward what are clearly scams and fraud and ones that aren’t,” Grewal told Terrett.
While Grewal didn’t explicitly predict that the cases against Coinbase and Ripple could be withdrawn, he expressed confidence that latest leadership and clearer regulations would prompt a reevaluation. “Grewal stopped in need of saying he believed the cases against Coinbase and others under fire for alleged securities violations could be withdrawn but seemed confident a change at the highest and clear rules will warrant a fresh pair of eyes,” Terrett explained.
Notably, Grewal also took to X to share his thoughts: “I hope SEC understands what has happened tonight. On many, many issues, the voters said loud and clear that they need change. Crypto is not any exception. Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to attend.”
Coinbase CEO Brian Armstrong also weighed in, describing the election as “an enormous win for crypto.” He highlighted that crypto support played a key role in Bernie Moreno’s victory over Senator Sherrod Brown in Ohio, noting that Brown was “one of the anti-crypto senators on the market.” Armstrong added that the “full-throated support of the winning presidential candidate” and the election of 257 pro-crypto candidates within the House signal a pro-crypto shift in Congress.
Armstrong asserted that the country has “fully repudiated the work of Senator Warren and Gary Gensler, who tried for years to unlawfully kill our industry.” He suggested that being anti-crypto is now “an excellent approach to end your profession,” because it doesn’t align with voters who’re “disaffected by the present economic system and need change.”
Ripple’s leadership echoed similar sentiments. CEO Brad Garlinghouse, while refraining from discussing the continuing lawsuit with the SEC, applauded Trump’s win and provided a primary 100-day checklist for the brand new administration, as reported by Bitcoinist on Wednesday. He urged Trump to “fire Gensler” without delays and to appoint replacements like Chris Giancarlo, Brian Brooks, or Dan Gallagher, who he believes could be “massive upgrades in rebuilding the rule of law (and repute) on the SEC.”
Garlinghouse also called for bipartisan efforts to advance the digital asset market structure bill within the Senate and sought regulatory clarity on cryptocurrencies. He questioned, “Can we get some clarity… just like XRP and BTC, that ETH is just not a security, right?!”
At press time, XRP traded at $0.55.
Featured image from YouTube, chart from TradingView.com