Rajarshi Mitra
Independent Analyst
- Brag Garlinghouse, the Ripple CEO, fears that the blockchain industry will always be seen in a negative light.
- He believes that XRP can help the entire financial industry upgrade.
Brad Garlinghouse, the CEO of Ripple, responded to President Donald Trump’s recent tweets on cryptocurrency and Secretary of Treasury Steve Mnuchin’s press conference. Garlinghouse took to Twitter to firstly state that he didn’t believe that cryptocurrencies pose a threat to Fiat currencies. He, however, fears that the blockchain industry will be forever pigeonholed as a tool for criminals:
“But as Mnuchin indicated, the entire crypto industry should not be painted with one broad brush – it has come a long way since the days of Silk Road. For the industry to succeed, we need to work with regulators and within policies. Full stop.”
Regarding Facebook Libra, Garlinghouse stated:
“When I read the Libra whitepaper – outlining a goal to create a new fiat currency – it was clear to me that the effort should be held to the same standard as other regulated financial institutions.”
Garlinghouse then said that with increasing demand for seamless cross-border transactions, using XRP is a way with which the entire financial industry can upgrade:
“XRP is uniquely equipped to solve a multi-trillion dollar problem by offering a dramatically faster and cheaper bridge for cross border payments. @Ripple already works with regulators, banks and financial institutions (like @MoneyGram) to implement this around the world.”
Garlinghouse concluded with a word of encouragement to the developers and builders:
“I hope there is no ‘ignoring, laughing or fighting’ as it relates to regulation of crypto. If we want to maximize progress forward, it’s about working with the existing financial system – not against it.
If not, we risk squashing innovation here in the US, and letting foreign interests take control of this new sector of our global economy.”
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