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Newsy Tribune
Home»Money
Money

Ripple Chairman Chris Larsen Sees $6 Billion Increase in Net Worth Since Election Day

News RoomBy News RoomDecember 4, 2024
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XRP, the cryptocurrency associated with the XRP Ledger blockchain and currently boasting a market valuation of $146 billion, has seen a remarkable surge following Donald Trump’s victory in the presidential election held on November 5th. Over a span of three and a half weeks, XRP’s price soared by as much as 440%, reaching $2.86—the highest level since the initial coin offering (ICO) frenzy of 2017 and 2018. However, despite boasting a significant market valuation, Forbes previously referred to XRP as a “Zombie Blockchain” in March 2023, criticizing its lack of utility and its failure to replace Belgium’s SWIFT system in facilitating trillions in daily international interbank transfers.

One of the most notable beneficiaries of XRP’s current surge is Chris Larsen, the co-founder of Ripple Labs. His fortune has surged from $3.3 billion to $9.2 billion post-election, with roughly half of his wealth tied up in XRP tokens. This dramatic increase in Larsen’s net worth underscores the significant financial stakes involved in the cryptocurrency market. With the expectation that XRP will thrive in a new pro-crypto regulatory environment under President Trump, investors have been more eager than ever to bid up the token’s price, reflecting optimism about its future prospects.

The regulatory landscape surrounding XRP has been tumultuous, primarily due to the ongoing lawsuit initiated by the U.S. Securities and Exchange Commission (SEC). In December 2020, the SEC filed a lawsuit against Ripple Labs, accusing the company of conducting a $1.3 billion unregistered securities offering through its sale of XRP tokens. A critical ruling came in July 2023 from Judge Analisa Torres, determining that Ripple’s private sales to institutional investors violated U.S. securities laws. However, the ruling also distinguished that Ripple’s retail sales through exchanges were lawful, providing a glimmer of hope for XRP’s future in the market.

It is important to note that the enforcement action against Ripple Labs happened under the leadership of Jay Clayton, who was appointed by Trump, rather than under Gary Gensler, Clayton’s successor. Upon taking the helm, Gensler took a more aggressive stance towards cryptocurrency regulation, initiating lawsuits against various exchanges such as Coinbase and Kraken. Gensler announced his resignation effective January 2020, leaving the crypto community speculating about President Trump’s appointment of a new SEC chair. There is a growing sentiment among industry stakeholders that the incoming leadership might work towards resolving ongoing legal challenges against Ripple Labs, potentially leading to more favorable regulatory outcomes for the cryptocurrency.

A favorable resolution to Ripple’s legal situation could open the doors for the launch of multiple spot exchange-traded funds (ETFs) tracking XRP’s price. In the past year, various financial products aimed at tracking the two largest cryptocurrencies—Bitcoin and Ethereum—have launched with considerable success, amassing $116 billion in assets. Given this momentum, applications for spot XRP ETFs from several firms, including Bitwise and 21Shares, were submitted in the lead-up to the election, driven by optimistic projections regarding Trump’s victory and the regulatory climate that might follow.

The confluence of political changes, recent court rulings, and shifting regulatory stances presents an optimistic outlook for XRP and its investors. As consumers and institutional stakeholders await further developments, the potential for a regulatory clean slate could pave the way for XRP to redefine its role in the cryptocurrency ecosystem, moving from its previous classification as a “Zombie Blockchain” to a robust player in the digital currency landscape. Driven by speculation and the belief that a more favorable regulatory environment is imminent, XRP’s price trajectory will continue to be influenced by both its legal battles and broader market sentiments.

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