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Ripple CEO Brad Garlinghouse Confirms Mar-a-Lago Meeting with Donald Trump

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Ripple CEO Brad Garlinghouse revealed on social media that he recently had dinner with former President Donald Trump and Ripple’s Chief Legal Officer, Stuart Alderoty.

The meeting that happened at Trump’s Mar-a-Lago resort is an important beginning to the year 2025 for Ripple especially with the current changes happening in the cryptocurrency market.

Ripple CEO and CLO Meeting with Donald Trump

On Monday evening, Ripple CEO Brad Garlinghouse revealed his meeting with Donald Trump and Stuart Alderoty on the platform X (previously Twitter). “Had a great dinner last night with @realDonaldTrump & @s_alderoty. ”Great start to 2025!” he posted indicating that things are looking good for Ripple.

Stuart Alderoty, Ripple’s legal head, also commented on the event, joking about the dinner’s menu: “The beef bourguignon was really good.”

The dinner at Mar-a-Lago takes place at a time when Ripple has been building up its steam with wins against the U.S Securities and Exchange Commission (SEC) in court.In line with the optimism, crypto analysts have provided bullish signals for XRP, some of whom have forecasted a price surge to $3.

John Deaton Breaks Silence on Ripple CEO Meet Up

Ripple has recently come into the limelight for its legal victory against the SEC where the latter had alleged that the company and Garlinghouse sold unregistered securities via XRP. The lawsuit that lasted for more than two years concluded with the victory of Ripple, which opened up new possibilities for the future of the cryptocurrency market.

John E. Deaton, a pro XRP lawyer and following the case commented on X that Ripple’s win means that the company has remained unshaken. He also pointed to the SEC’s aggressive approach in the litigation process, which involved serving Garlinghouse with personal subpoenas to produce financial information.

”Ripple and Brad disclosed every XRP transaction that has ever taken place, but the SEC acted misconduct when it came to discovery,” Deaton said. However, Ripple has come out even stronger, suggesting that more positive outcomes are in the offing for the company and the sector as a whole.

Cynthia Lummis Chats With US SEC Potential Chairman

Ripple CEO, Brad Garlinghouse has also noted recent expansion of Ripple’s activities within the United States which shows that the focus has shifted back to the domestic market.He disclosed that three quarters of the new positions at Ripple are based in the United States, something that was not the case in the past given the company’s focus on the international market.

Furthermore, the company signed up more US business contracts in the last six weeks of the year 2024 than it had in the six months prior to that period.

The dinner comes after several meetings between politicians and crypto enthusiasts. U.S. Senator Cynthia Lummis, an advocate for blockchain technology, has also been engaging with Paul Atkins, the man expected to be named SEC chairman by President-elect Trump. These discussions focus on the need to reform the SEC’s rule making process and to advance the use of digital assets.

Ripple’s Growing Market Influence

Ripple is also coming up strongly in the blockchain space with new products being introduced. Ripple President Monica Long stated that the stablecoin, RLUSD, which was recently launched, is expected to be listed on multiple platforms.

At the same time, the company has joined Chainlink to work on the integration of secure and accurate pricing of RLUSD into the DeFi ecosystem.

In these developments, Ripple has witnessed a rise in its valuation due to the increased prices of XRP and the increasing adoption of its solutions. Ripple CEO Brad Garlinghouse has earlier stated that the $11 billion valuation of the company is quite dated given the current situation.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US CFTC Issues Subpoena to Coinbase In Polymarket Case, What’s Next?

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54 minutes ago

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January 9, 2025

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The U.S. Commodity Futures Trading Commission (CFTC) has issued a fresh subpoena to crypto exchange Coinbase just days ahead of President Joe Biden leaving office. This comes as part of the US CFTC’s ongoing investigation into betting markets Polymarket thereby requiring Coinbase to provide specific information regarding customers involved in the case.

US CFTC Seeks Coinbase Customers

Under the outgoing Biden administration, the CFTC has cracked a whip issuing a subpoena to crypto exchange Coinbase in the Polymarket lawsuit.

After receiving an email for the same from the exchange, Eric, co-author of Ethereum’s EIP-1559, shared this information in the public domain. “The dems crypto pivot truly was something else!” he wrote.

The exchange informed its customers through email that it may be required to share account-related information with the US CFTC. However, the company noted that no action is required from customers at this time.

Crypto Exchange Need to Comply Soon

The action comes with a deadline, unless Coinbase receives a motion to dismiss or other legal documentation by the close of business on January 15, 2025, the company will be required to comply.

The announcement comes just ahead of the CFTC chair Rostin Behnam stepping down before President-elect Donald Trump takes oath on January 20. The Trump transition team has reviewed at least six potential candidates to lead the US CFTC, aligning with the president-elect’s pledge to establish a more crypto-friendly regulatory framework.

Polymarket And Its Regulatory Scrutiny

Polymarket, a decentralized prediction market platform, gained huge popularity during the US Presidential Elections in 2024 drawing attention from regulators like the US CFTC. The regulator demanded limiting the operation of the prediction market while labeling them as gambling platforms.

Unlike the promises by Vice President Kamala Harris of a crypto pivot, the Democrats have continued with the crypto crackdown even in their last days in office. Coinbase and the CFTC have yet to comment publicly on the matter, but the subpoena marks another pivotal moment in the intersection of U.S. regulatory oversight and the cryptocurrency industry.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitcoin Dips Below $95K, RUNE and INJ Drop 11%

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5 hours ago

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January 9, 2025

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Crypto market today remains in bearish territory as Bitcoin dipped below the $95K mark. Major altcoins followed the downtrend, with several tokens trading in the red. THORChain (RUNE) and Injective (INJ) became the worst performers, both dropping 11% from their daily highs.

The global crypto market today fell by approximately 2%, bringing the total market cap to $3.33 trillion. However, trading volume showed a slight increase of 4% over the last 24 hours, reaching $168 billion. Let’s take a closer look at the top cryptocurrencies by market cap and their current prices.

Crypto Market Today: BTC, ETH, SOL Drop in Bearish Trend

The crypto market today saw a continued bearish trend, with Bitcoin (BTC) down 3%, Ethereum (ETH) falling 2%, and Solana (SOL) dropping 2.5%. Despite the downturn, a positive sign emerged as Bitcoin whales began accumulating BTC once again.

Bitcoin Market Today: BTC Drops 3%, ETF Outflows Continue

Bitcoin price was trading at $94,390, reflecting a 3% drop in the last 24 hours. The 24-hour low and high for BTC stood at $92,559 and $96,666, respectively.

As per SoSo Value data, BTC ETFs witnessed an outflow of $458 million. Fidelity led the sell-off, offloading $258 million worth of Bitcoin. Ark and 21Shares also sold $148 million in Bitcoin, while data from BlackRock’s ETF remains anticipated.

Ethereum Market Today: ETH Price Down 1.5%, ETF Outflows Surge

Ethereum price was down by 1.5%, currently trading at $3,325. The 24-hour low and high for ETH were recorded at $3,210 and $3,387, respectively.

ETH ETFs saw an outflow of $159 million in the past 24 hours, with Fidelity contributing $147 million to the sell-off. The ongoing bearish sentiment continues to impact the crypto market today, reflecting declining prices and significant fund outflows from major institutions.

XRP Market Today: Only Gainer Among Top 10 Coins

XRP price stood out as the only coin in the top 10 to register a gain, rising by 0.40% in the last 24 hours. It was trading at $2.351, with a 24-hour low of $2.214 and a high of $2.396. Additionally, Ripple’s stablecoin RLUSD has been listed on the Bitstamp exchange, adding more utility to the XRP ecosystem.

Solana Market Today: SOL Price Drops 2%

Solana (SOL) price was down by approximately 2%, currently trading at $195.45. Its 24-hour low and high were recorded at $189 and $199, respectively.

SOL PriceSOL Price
SOL Price

Crypto Market Gainers Today

XDC Network

XDC price was up by 7%, now trading at $0.0973. Its 24-hour low and high were $0.087 and $0.0975, respectively. With a market cap of $1.45 billion and a trading volume of $59.35 million, XDC stands out amidst the crypto market today’s overall downturn.

Monero

XMR has been the 2nd top gainer for today, with its price trading at $196, reflecting a 4% increase. Its 24-hour low and high were recorded at $183 and $201, respectively. With a market cap of $3.61 billion and a trading volume of $86.49 million.

Hyperliquid (HYPE), GateToken (GT), and NEO token have also shown gains in the crypto market today, with each token up by 2% to 4% in the last 24 hours. Despite the broader market’s bearish trend, these tokens have managed to perform well.

Crypto Market Losers Today

THORChain

RUNE price was down by 11%, currently trading at $3.94. Its 24-hour low and high were recorded at $3.86 and $4.35, respectively, reflecting a significant decline in the crypto market today.

Injective

INJ price was down by 11% in the last 24 hours, trading at $21.60, with a 24-hour low of $20.54 and a high of $23.88. Despite the downward trend in the market, INJ price has been up by 11% in the last quarter and saw a 13% increase in the past week after the community passed a major governance proposal, amid growing market interest in AI coins.

WIF, MOVE, AIOZ, and SPX have also faced a decline of 7% to 9% in the last 24 hours. This adds to the overall bearish sentiment in the market.

Besides this, the hourly chart also shows a bearish sentiment in the crypto market, with Bitcoin down by 0.13% in the last 24 hours. Fartcoin dropped by 4% in the last hour, and major altcoins are also in the red, reflecting continued selling pressure across the market.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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FTX Breaks Silence On Backpack’s Alleged Acquisition Of The Defunct Exchange

Published

9 hours ago

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January 9, 2025

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FTX issued a formal statement clarifying details surrounding Backpack entities’ claim of acquiring FTX EU Ltd. The clarification, released on January 8, 2025, addresses inaccuracies in Backpack’s January 7 press release, which suggested its involvement in asset recovery for former FTX EU customers.

FTX Highlights Inaccuracy in Backpack’s FTX EU Acquisition Statements

In a recent press release, FTX addressed statements made by Backpack entities regarding its purported acquisition of FTX EU. FTX stated that the January 7, 2025, Backpack announcement was made without FTX’s knowledge or involvement. According to the exchange, Backpack’s press release contain multiple inaccuracies that could mislead stakeholders.

FTX emphasized that 100% of FTX EU share capital is still owned by FTX Europe AG, a subsidiary of FTX. While there was an earlier agreement to sell FTX EU to former insiders of FTX Europe as part of a settlement, the U.S. Bankruptcy Court overseeing the Chapter 11 process has not approved any transfer. The defunct exchange also confirmed that it was unaware of any indirect sale of FTX EU shares to Backpack before this week.

Bankruptcy Court and Asset Recovery Process

In addition, the defunct exchange clarified that Backpack has no role in the U.S. Bankruptcy Court-approved process for returning funds to creditors, including FTX EU’s former customers. The company reiterated that only FTX EU holds responsibility for determining and returning funds owed to its customers. The court’s Chapter 11 plan does not authorize the organization to make distributions to any creditors or former customers.

The defunct exchange further stated that the amounts owed by FTX EU to its customers would be assessed solely by FTX EU following its sale, not by the exchange or the Bankruptcy Court. Therefore, the exchange disclaimed Backpack’s liability for repayments of EU customer funds.

Furthermore, the defunct exchange expressed concerns about the accuracy and completeness of the information presented in Backpack’s materials. The report urged stakeholders to rely only on official FTX communications.

Initial Distributions Under Bankruptcy Plan

The defunct exchange also provided an update on its U.S. Bankruptcy Court-approved Chapter 11 plan of reorganization. The defunct exchange plan became effective on January 3, 2025, with the initial distribution record date set for the same day. Distributions to convenience class claimants are expected within 60 days, subject to regulatory requirements.

Meanwhile, the exchange reaffirmed its commitment to adhering to the court’s processes and ensuring accurate communication with creditors.

These developments come in light of recent media speculation that US President Joe Biden might pardon Sam Bankman-Fried, the founder of the defunct FTX Exchange. Biden’s recent pardon of his son has sparked further rumors that SBF could get the same treatment.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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