XRP News Today: Political Donations Boost Pro-Crypto Influence; BTC Holds $100k

Ripple CEO Brad Garlinghouse Talks Crypto Influence on 60 Minutes

On Sunday, December 8, Ripple CEO Brad Garlinghouse appeared on 60 Minutes to discuss the US crypto market and its political influence. The airing focused on substantial donations from crypto firms, including $144 million from Ripple and two other companies, to Super Pacs supporting pro-crypto Republicans and Democrats.

Garlinghouse believes the donations had an impact on the US elections, saying,

“Do I think we had an impact to elect a Democratic Senator in Michigan Elissa Slotkin? Yes, absolutely. Do I think we had an impact in Arizona, a Democratic Senator in Arizona Gallego? Absolutely.”

Crypto firms reportedly accounted for one-third of all Super PAC contributions, with 85% of Super Pac-backed Senators winning their races. Defending the crypto industry, Garlinghouse stated,

“We educated voters as many industries do about candidates.”

When asked if lawmakers should fear the crypto industry, the Ripple CEO underscored the need for policymakers to establish how we can use technologies to benefit citizens.

The segment also considered US Treasury Secretary Scott Bissent’s pro-crypto view that crypto is about freedom and is here to stay.

SEC vs. Ripple: Garlinghouse Weighs In

Regarding the SEC v Ripple case, Garlinghouse shared his confidence in the case, saying,

“I went to Harvard Business School. I think I’m reasonably intelligent about what is a security. Never once had I considered the possibility that, ok, maybe XRP is a security.”

Garlinghouse highlighted that the crypto industry is not asking to be deregulated but be regulated with ‘clear rules of the road.’

Former SEC official John Reed Stark summarized the US election results, saying,

“As far as these election results are concerned, the clear mandate is the SEC needs to lay off crypto, and that’s exactly what’s going to happen.”

XRP Price Outlook Hinged on the SEC

On Sunday, December 8, XRP slipped by 0.27%, partially reversing Saturday’s 7.55% rally, closing at $2.46048.

Price trends will depend on the SEC’s plans to appeal Ripple-related rulings. Increasing speculation about an appeal could pressure XRP below $2. Conversely, a potential appeal withdrawal may drive XRP past its January 2018 all-time high of $3.5505. The agency must file its appeal-related opening brief by January 15.

A withdrawal would set the Programmatic Sales ruling as a crucial legal precedent, impacting cases against Coinbase (COIN) and Binance.

Where do you think XRP is heading next? Click here for our latest XRP news, market insights, and exclusive expert analysis.

Bitcoin (BTC) Revisits $100k on Trump’s SBR Plans

Market sentiment toward BTC demand remained upbeat on Sunday, with BTC closing above $100,000 for the first time. Market optimism improved as investors anticipated Trump’s pro-crypto CFTC Chair nomination and discussions about BTC becoming a US strategic reserve asset (SBR).

The SEC and CFTC Chairs must establish clear regulatory guidelines to facilitate BTC’s path to becoming a US strategic reserve asset (SBR).

BTC demand could surge if Congress, the Federal Reserve, the Treasury Department, and the President approve BTC as a strategic reserve asset.

The US government would also retain its 198,109 BTC stockpile, equivalent to $19.73 billion, mitigating oversupply risk.

MicroStrategy Founder and CEO Offers Strategic BTC Move

On Saturday, MicroStrategy (MSTR) founder and Chairman Michael Saylor called on the US government to exchange the US gold reserves for BTC, saying,

“BTC is emerging as the world’s reserve capital network. People are realizing that BTC is better than real estate. It’s better than stocks. There’s not a single company or real estate property that you would rather own for the long term than BTC.”

Saylor added,

“If you want to put a great twist on it, dump your gold, sell all the US gold, buy BTC, then the trade is free because you can buy five million BTC for the cost of the gold. You would demonetize the entire gold asset class, and our enemies hold gold in their banks. So, their assets would go to zero, our assets would go to $100 trillion, and we would control the world’s reserve capital network as well as the world’s reserve currency network.

Saylor’s comments align with Senator Cynthia Lummis’s recent call to sell gold to acquire BTC as an SBR. Senator Lummis said the exchange would allow the US government to grow its BTC stockpile without adding to the US government’s deficit.

Amicus Curiae attorney John E. Deaton referenced the incoming CEO of Charles Schwab’s view on SBR and BTC price trends, stating,

“The incoming president, along with almost his entire administration, is talking about an SBR (strategic BTC reserve) […]. Even Charles Schwab’s CEO (who doesn’t own Bitcoin and now feels silly for not buying it) recently said if an SBR happens, Bitcoin goes to $500K to $1M.”

Bitcoin Price Outlook

On Sunday, BTC gained 1.32%, following a 0.03% rise on Saturday, closing at $101,044. Significantly, BTC ended the session above the $100k mark for the first time.

Near-term BTC price trends will depend on US BTC-spot ETF market flows and Trump’s Commodity Futures Trading Commission (CFTC) Chair nomination. A pro-crypto CFTC Chair could fuel speculation about BTC becoming a US strategic reserve asset. Rising demand for US BTC-spot ETFs could also drive BTC higher.

However, in the near term, investors should monitor potential oversupply signals. Mt. Gox and the US government could potentially impact BTC trends with transfers to new wallets.

Mt.Gox currently holds 36,085 BTC, equivalent to $3.61 billion, to return to investors. Mt. Gox collapsed in February 2014, when BTC was less than $600. The crypto community expects creditors to cash out sizeable windfalls after being paid out in BTC.

Market Outlook for XRP and BTC

Both XRP and BTC are at pivotal crossroads. XRP’s future hinges on the SEC’s appeal decision, while BTC’s path depends on ETF inflows and the new administration’s regulatory stance. As the market evolves, investors should closely monitor developments in US crypto policy and institutional trends.

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