Donald Trump’s victory in the US election has boosted the crypto industry, resulting in big financial gains for the CEOs of Coinbase and Ripple Labs.
Ripple Labs, Coinbase CEOs make gains
The centralized crypto exchange platform, Coinbase, has seen its market value rise, reaching as much as $21 billion. The company’s CEO Brian Armstrong holds a significant percentage of Coinbase, which has grown to $6.4 billion.
Coinbase supported the US election and contributed $74 million, while Ripple contributed $73 million. Of the $73 million, Ripple donated at least $45 million to the pro-crypto political action committee Fairshake.
Ripple’s CEO, Garlinghouse, has a stake of over 6% in Ripple and a significant portion of XRP. The value of the CEO’s share increased 3 times after the US election. According to sources, Garlinghouse stated that although Trump’s term has not officially begun, the size of the crypto market has grown to over $1 trillion.
Brad Garlinghouse predicts a pro-crypto nation-state
In October 2024, Brad Garlinghouse spoke with CNBC at the 8th Annual Fintech Week in Washington. Garlinghouse said he is optimistic about the Crypto Congress and innovation in the United States.
In another interview, Garlinghouse said the result of the US election was a big win for the crypto industry. The CEO of Ripple endorsed the Political Action Committee (PAC), Fairshake and they won the majority of seats.
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Additionally, Garlinghouse said the obvious truth is that Donald Trump embraces crypto and that crypto embraces him.
Brian Armstrong is credited with steering Coinbase to the fore
On December 25th, industry expert Anthony Pompliano published a post on X about how Coinbase is gaining widespread acceptance despite strict regulations. To which Armstrong replied,
“It’s true – innovating is hard enough on its own, but it’s even harder to do it when you’re under attack. Crypto entrepreneurs who have made it through this period will be unstoppable. Real courage.”
The Securities and Exchange Commission sued Coinbase in 2023, alleging that the exchange platform was selling unregistered securities. The centralized exchange platform struck back legally. In addition, it mentioned that it is interested in working with regulators to introduce a standard set of laws for the crypto industry.
After the US election, Coinbase saw its shares rise by 31%. The company celebrated the success of a pro-crypto candidate entering the government. 46 out of 58 candidates have reportedly won their seats in the US election.
Furthermore, he also released a lengthy follow-up post on Twitter stating, “…no matter how you slice it, this election was a huge win for crypto.”
