Ripple’s Brad Garlinghouse Comments on Libra’s Widespread Effects Being Potentially Dangerous
- The Ripple CEO was quoted as saying that Libra’s introduction into the market could endanger various other projects due to increased regulatory scrutiny.
- A few weeks earlier, Garlinghouse had said that Libra was “good for the market” since it promises to allow newer people to enter this burgeoning sector.
In a recent interview with Fortune, Brad Garlinghouse — the CEO of Ripple — was quoted as saying that the digital asset industry (at large) is at a risk of facing even more regulatory hurdles in the near future because of Facebook’s much-hyped Libra stablecoin. In regards to the matter, Garlinghouse then went on to add:
“You just want to make sure that you don't get caught in the crossfire. It is important to me that when regulators start asking questions that they don't lump us into one big bucket.”
More On The Matter
As per an interview given by Garlinghouse at the recently concluded Fortune Brainstorm Finance conference in June, he stated that the birth of Libra would help in the legitimization of the crypto industry as a whole.
Additionally, he also said that FBs entry into the crypto market had given many financial institutions the impetus to sign contracts with Ripple.
Garlinghouse is of the opinion that BTC and XRP are intrinsically different from each other — with Bitcoin primarily being a store of value while XRP serves as a “bridge currency” that allows users to facilitate fiat-to-fiat transfers in a seamless manner.
Also, at this point in the article, it is worth pointing out that the creation of Libra has resulted in mass hysteria spreading among the governments of the world — because the digital offering supposedly threatens the dominance of a number of different established fiat currencies (including the US Dollar). Providing her insights on the issue, Jenny Shaver — COO of Colorado-based crypto loans firm Salt — recently spoke with a trusted media outlet wherein she told the interviewer that the recent hearings pertaining to Libra have exposed the need for “more consistency across the industry”. She then went on to add:
“The industry has been lacking a consistent set of rules to abide by, and for the long-term development of the industry, we need to shape that structure with regulators. It is important now to put our best people in the industry forward to represent us. As a next step we should divert more resources towards lobbying, and building strategic PR and communication programs to educate all stakeholders and help remove unwarranted stigmas.”