Ripple CEO: “XRP Is Uniquely Equipped To Solve A Multi-Trillion Dollar Problem”
XRP is already working with regulators and banks: Ripple CEO Brad Garlinghouse on US Treasury Secretary’s call for crypto regulation
- Cryptos not likely to disrupt the US dollar and other G20 currencies in “my lifetime”
- Working with the existing financial system is the way to go
Speaking from the White House, Treasury Secretary Steven Mnuchin yesterday called cryptocurrencies a “national security issue.” He further said that the regulators are concerned about the “speculative nature” of Bitcoin which is highly volatile digital asset that is based on thin air.
As for the “serious concerns” about Facebook’s new cryptocurrency project called Libra, Mnuchin said,
“They and others have a lot of work to do before they get us comfortable.”
— Brad Garlinghouse (@bgarlinghouse) July 15, 2019
According to Garlinghouse, crypto is not going to replace fiat currencies, at least not in the coming few decades.
“I agree that crypto isn't likely to replace fiat currencies,” he said, “I have been very vocal that crypto isn’t likely to disrupt the US dollar and other G20 currencies in my lifetime.”
But Garlinghouse agrees with Mnuchin that the entire crypto industry shouldn’t be “painted with one broad brush.”
Working With The Existing Financial System is The Way To Go
Since the days of the Silk Road, we have come a long way, said the Ripple CEO. To succeed, the best and only way to go by, according to him is that the entire industry needs to work with regulators and within policies.
And that’s why he agrees with Mnuchin and Trump that Facebook needs to conform to the banking regulation just like any other regulated financial institutions for its “new fiat currency.”
XRP, the digital asset he said is already following these rules as Ripple is already working with banks and regulators.
“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 says in no uncertain terms that the way to “maximize progress forward” is to work with existing financial system and there is no “ignoring, laughing or fighting” about it.
Not following the regulatory measures means “risk squashing innovation” in the US and this Garlinghouse clarifies will be “letting foreign interests take control of this new sector of our global economy.”