tl;dr
Ripple experienced a surge in U.S. deals in the last six weeks of 2024, surpassing the number of deals in the previous six months. CEO Brad Garlinghouse attributes this growth to regulatory changes and Trump's election. Ripple has shifted to a U.S.-centric strategy, with 75% of current open roles ba...
Ripple experienced a surge in U.S. deals in the last six weeks of 2024, surpassing the number of deals in the previous six months. CEO Brad Garlinghouse attributes this growth to regulatory changes and Trump's election. Ripple has shifted to a U.S.-centric strategy, with 75% of current open roles based domestically. Regulatory clarity remains a concern, with industry advocates emphasizing the need to streamline regulations for crypto growth. Garlinghouse credits the pro-innovation environment created by Trump's administration for Ripple's renewed domestic focus.
Ripple reported a sharp increase in U.S. deals following the 2024 presidential election. CEO Brad Garlinghouse revealed that the company secured more U.S. deals in the last six weeks of 2024 than it had in the previous six months. This turnaround comes after years of regulatory challenges with the U.S. Securities and Exchange Commission (SEC). For Ripple, the shift is personal. According to Garlinghouse, these challenges stemmed from what he called “government overreach and selective enforcement,” which had limited the company’s domestic opportunities. The election of Donald Trump as the next President brought optimism for Ripple and the broader crypto industry. Regulatory shifts under the new administration have encouraged Ripple to adopt a U.S.-focused strategy, with 75% of its current open roles based domestically. This contrasts with the past four years when Ripple primarily hired from abroad to sidestep U.S. regulatory challenges.
REGULATORY CLARITY STILL NEEDED
Attorney John Deaton, a well-known crypto advocate, echoed these sentiments. He described the adverse effects of regulatory ambiguity, stating, "It’s impossible to estimate the damage caused by the lack of regulatory clarity." He recounted how companies often chose to avoid the U.S. market altogether due to regulatory uncertainties. “I can’t tell you how many times I heard, ‘just avoid the U.S. market and don’t offer anything to U.S. investors,'” Deaton said. He also criticized excessive bureaucracy for stifling innovation, citing prolonged permitting processes in the U.S. housing crisis as a parallel. Deaton argued that streamlining regulations is essential for fostering growth in industries like crypto.
A PRO-INNOVATION SHIFT UNDER TRUMP
Garlinghouse attributed Ripple’s renewed domestic focus to the pro-innovation environment created by Trump’s incoming administration. He praised figures like Scott Bessent, David Sacks, and Paul Atkins for leading this transformation. Describing the “Trump effect,” Garlinghouse said it is already making crypto “great again” by prioritizing policies that promote innovation and job growth.