Ripple’s XRP Gains Momentum as David Sacks Steps In as Trump’s AI & Crypto Czar

In a strategic move, former U.S. President Donald Trump has selected David Sacks, a prominent venture capitalist, to spearhead the nation’s efforts in artificial intelligence and cryptocurrency as the “White House AI & Crypto Czar.” Sacks, who is also known for co-hosting the All-In Podcast and for his previous role as COO of PayPal, is a vocal supporter of Ripple, the blockchain-based digital payment network currently embroiled in a significant legal battle with the U.S. Securities and Exchange Commission (SEC).

Ripple’s Chief Executive Officer Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have expressed optimism about Sacks’ appointment, seeing it as a boon for the advancement of pro-innovation agendas in the realms of crypto and AI under Trump’s administration. Their optimism extends to the potential positive impact on the market for cryptocurrencies like XRP and ZRX, which are among those Sacks has shown support for.

David Sacks’ appointment on December 5 by Trump marks a pivotal moment as the U.S. seeks to establish its dominance in the rapidly evolving fields of artificial intelligence and digital currencies. Trump’s administration has emphasized the importance of these technologies for maintaining the country’s competitive edge on the global stage. Sacks’ history of advocating for Ripple during its legal tussle with the SEC has been well-documented, and his new role is likely to bring a pro-business perspective to the administration’s policy-making.

Trump highlighted Sacks’ mission to elevate America’s standing in AI and crypto sectors, emphasizing the need to protect free speech online and counteract perceived biases within major technology companies. Sacks is expected to prioritize the creation of a robust legal framework to provide much-needed regulatory clarity that will allow the cryptocurrency industry to flourish within the United States.

Ripple’s leadership was quick to respond to the news of Sacks’ new role. Garlinghouse extended his congratulations, underscoring Sacks’ deep understanding of technology and his alignment with Trump’s vision for innovation in crypto and AI. Alderoty echoed these sentiments, describing Sacks as a wise choice that promises to invigorate the industry with a pro-business stance and innovative thinking.

The anticipated appointment of Paul Atkins to succeed Gary Gensler as SEC Chairman further compounds the optimism within the crypto community. Stuart Alderoty has lauded Atkins as an excellent pick, suggesting that the change could herald a more favorable regulatory environment for digital assets.

The Ripple versus SEC lawsuit, a case closely monitored by Sacks, appears to be nearing its conclusion. In a resurfaced video, Sacks noted that Ripple had emerged victorious in the legal proceedings, with Judge Analisa Torres ruling that XRP is not a security. This decision has been hailed by John Deaton, a prominent XRP advocate, as a comprehensive win for Ripple, driving XRP’s market value upwards. The digital asset is currently trading sturdily above $2.30, with its market capitalization surpassing $130 billion.

Chris Giancarlo, the former CFTC Chairman, alongside other pro-XRP legal experts, speculates that the SEC’s appeal against Ripple might be withdrawn or dismissed altogether. The synergy between Trump’s pro-crypto appointees, including Atkins and Sacks, is seen as increasing the likelihood of a favorable resolution to the lawsuit.

The market has responded positively to these developments, with XRP’s value soaring by around 400% following the leadership changes within regulatory bodies. The token’s price has seen a recent uptick, trading at approximately $2.35, reflecting a 1.5% increase in the last 24 hours and a significant 50% rise over the past week.

As the January 15 deadline approaches, the crypto community remains watchful, anticipating whether the SEC will extend its legal challenge against Ripple or opt to let the matter rest. The unfolding events, buoyed by the recent appointments and judicial outcomes, suggest a potentially transformative era for the regulatory landscape of digital assets in the United States.