In a recent interview with Fox Business, Ripple CEO Brad Garlinghouse delved into the implications of the recent approval of Bitcoin Exchange-Traded Funds (ETFs) and shared insights on the future of cryptocurrency regulations. Responding to JPMorgan CEO Jamie Dimon’s criticisms, Garlinghouse emphasized the potential benefits of cryptocurrencies, arguing that despite attracting bad actors, the positive impact and potential should not be disregarded. Notably, he highlighted Ripple’s commitment to working with regulated financial institutions and promoting transparency by avoiding anonymous transactions.
Garlinghouse hailed the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) as a significant milestone for the cryptocurrency sector. He underscored the validation it brings to the industry, signaling a shift from the fringes to mainstream acceptance. The Ripple CEO also outlined the role of Ripple’s blockchain technologies in improving the efficiency and cost-effectiveness of cross-border payments for financial institutions.
Expressing frustration with the current U.S. regulatory environment, Garlinghouse criticized SEC Chairman Gary Gensler’s approach, accusing him of prioritizing litigation over establishing clear regulatory frameworks. He advocated for outcome-focused regulation, highlighting principles like Know Your Customer (KYC) and Anti-Money Laundering (AML). Despite regulatory challenges, Garlinghouse remains optimistic about the future of cryptocurrencies, pointing to the ETF approval as evidence of their enduring significance.
Ripple Eyes Friendlier Jurisdictions
In a separate interview with CNBC, Garlinghouse disclosed that Ripple had explored international markets for its initial public offering (IPO), citing a “hostile” U.S. regulator as the reason for putting IPO plans on hold. He emphasized the importance of jurisdictions with clear regulatory guidelines. Garlinghouse criticized the SEC’s actions, citing Coinbase’s example where the regulator approved the S-1 filing but later sued the company. Referring to SEC Chair Gary Gensler as a “political liability,” Garlinghouse hinted at revisiting the idea of a U.S. IPO under a new SEC chair.
Despite keeping the IPO option open, Garlinghouse clarified that it is not an immediate priority for Ripple. He mentioned the evaluation of new regulators at the SEC as a factor in determining the company’s future course. Meanwhile, Ripple’s recent share buybacks, totaling $1 billion, aim to provide liquidity to long-term investors who have been with the company for over a decade.
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