TL;DR
- Ripple CEO Brad Garlinghouse has been shortlisted for President Donald Trump’s U.S. Crypto Advisory Council, aiming to shape the future of U.S. cryptocurrency policies.
- The council, formed by executive order, includes prominent crypto leaders from companies like Kraken, Coinbase, and Circle.
- Speculation suggests XRP might be added to a national reserve list, but no official confirmation yet, with mixed reactions in the crypto market.
Ripple CEO Brad Garlinghouse has been shortlisted for a key role on President Donald Trump’s newly-formed U.S. Crypto Advisory Council. This council aims to shape the future of cryptocurrency policies in the U.S., addressing crucial debates such as whether cryptocurrencies should be classified as commodities or securities.
Council’s Purpose and Composition
The advisory council, formed by executive order in Trump’s first week back in office, is expected to play a pivotal role in guiding U.S. policy on cryptocurrency and blockchain technology. Alongside Garlinghouse, other prominent crypto leaders from companies like Kraken, Coinbase, and Circle are also being considered for council positions.
Ripple’s Influence and Garlinghouse’s Role
Garlinghouse’s potential appointment has sparked discussions about Ripple’s influence in shaping crypto policy. Known for his advocacy for clearer regulations, Garlinghouse could play a significant part in creating a more defined regulatory environment for the crypto industry. His recent private dinner with President Trump has further fueled speculation about his involvement.
Industry Reactions and Speculations
The crypto community is abuzz with the news, with many speculating about Ripple’s potential role in a government-backed digital reserve. Garlinghouse has previously credited the Trump administration for helping the U.S. crypto market grow, and his involvement in the council could further bolster Ripple’s position.
Additionally, speculation is rife that XRP might be added to a national reserve list, although no official confirmation has been made. Some observers believe that Trump’s earlier meeting with Ripple executives before his inauguration may be linked to this potential development.
If it materializes, such a move could elevate Ripple’s status and integrate it significantly into the U.S. financial system. The crypto market did not react positively to the news, XRP dropped nearly 6% in the last 24 hours, trading at $2.40.
While there is no official confirmation yet, the possibility of Garlinghouse joining the council has generated excitement and debate within the crypto world. His leadership and Ripple’s influence could significantly impact the future of U.S. cryptocurrency regulations.
