Over 300 cryptocurrency industry professionals have signed a petition urging the Trump administration to drop its lawsuit against an open-source software developer. This initiative underscores active engagement from key figures within the industry.
Ripple's Involvement
Ripple Labs has been notably involved in the broader movement, contributing nearly $5 million to Trump’s second inauguration. Tony Carrk, Executive Director of Accountable.US, criticized the administration for offering what he describes as 'preferential treatment' to crypto insiders.
> 'Crypto insiders made a $13 million bet that Donald Trump would be a Pay-to-Play President, and it’s already paying off – with preferential treatment from gutted enforcement to policies that steer more money towards industry donors.'
Regulatory Environment
The shift towards a less adversarial regulatory environment under Trump's presidency has resulted in the disbandment of several federal probes, leading to regulatory relief for companies like Ripple. This has created a friendlier market climate, particularly benefiting Ripple and potentially other top-tier tokens.
Market Optimism
The current scenario indicates potential regulatory softening as noted in the recent lawsuit against Coinbase over high-risk investments. Such changes have led to reduced litigation risks and signal a conducive climate for rekindling developer and institutional interest in the U.S. blockchain sector. The situation remains dynamic, awaiting further clarity on the identities and intentions of the petition's signatories.
The petition from cryptocurrency experts to the Trump administration illustrates the growing activity and involvement of the professional community in changing the regulatory environment, which could lead to significant developments in the cryptocurrency market.
