Brad Garlinghouse, CEO of Ripple Labs, reported on Sunday a significant shift in the company’s hiring and business deals since Donald Trump’s win in the November elections.
What Happened: Garlinghouse expressed his enthusiasm for the incoming administration’s potential impact on Ripple and the broader cryptocurrency market.
He revealed that about 75% of open roles are now based in the U.S., contrasting with the last four years when the majority of the hires were from outside. Additionally, more U.S. deals were signed in the last six weeks of 2024 than in the six months before.
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Garlinghouse unequivocally credited the “Trump bull market” for the turnaround. He praised the incoming team, including Scott Bessent, the Treasury secretary pick, David Sacks, the "White House AI & Crypto Czar," and Paul Atkins, the SEC Chair nominee.
“Say what you want, but the "Trump effect" is already making crypto great again – through his campaign, and in the administration's day 1 priorities,” Garlinghouse said.
Why It Matters: Garlinghouse’s optimism comes after a challenging period for Ripple under SEC Chair Gary Gensler.
Ripple was locked in a nearly four-year-long legal battle with the SEC over the status of XRP XRP/USD, a cryptocurrency at the center of the company’s operations.
Frustrated with the lack of clarity around regulations, the San Francisco-based company was once conducting 80% of its hiring outside the U.S. at one point.
Garlinghouse admitted that the establishment of Fairshake, a crypto-focused super PAC, was a direct response to Gensler’s stifling actions against the industry.
Price Action: Meanwhile, XRP was exchanging hands at $2.40, up 0.85% in the last 24 hours, according to data from Benzinga Pro.
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