Will Trump’s SEC Close The Ripple Case? Coinbase CLO Speaks Out

In the wake of Donald Trump’s victory in 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 replace Securities and Exchange Commission (SEC) Chair Gary Gensler “on day one” of his administration. This move could lead to a substantial shift in how the SEC handles ongoing crypto cases, including those against major companies 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 about the future 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 think the new administration will take a fresh look at all the existing crypto cases brought under Gary Gensler and distinguish between the ones aimed at what are clearly scams and fraud and ones that are not,” Grewal told Terrett.

While Grewal did not explicitly predict that the cases against Coinbase and Ripple would be withdrawn, he expressed confidence that new leadership and clearer regulations would prompt a reevaluation. “Grewal stopped short of saying he believed the cases against Coinbase and others under fire for alleged securities violations would be withdrawn but seemed confident a change at the top and clear rules will warrant a fresh pair of eyes,” Terrett explained.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 want change. Crypto is no exception. Stop suing crypto. Start talking to crypto. Initiate rulemaking now. There’s no reason to wait.”

Coinbase CEO Brian Armstrong also weighed in, describing the election as “a huge 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 most anti-crypto senators out there.” Armstrong added that the “full-throated support of the winning presidential candidate” and the election of 257 pro-crypto candidates in 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 “a good way to end your career,” as it doesn’t align with voters who are “disaffected by the current financial system and want change.”

Ripple’s leadership echoed similar sentiments. CEO Brad Garlinghouse, while refraining from discussing the ongoing lawsuit with the SEC, applauded Trump’s win and provided a first 100-day checklist for the 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 would be “massive upgrades in rebuilding the rule of law (and reputation) at the SEC.”

Garlinghouse also called for bipartisan efforts to advance the digital asset market structure bill in the Senate and sought regulatory clarity on cryptocurrencies. He questioned, “Can we get some clarity… similar to XRP and BTC, that ETH is not a security, right?!”

At press time, XRP traded at $0.55.