As a seasoned researcher with years of experience delving into the intricacies of the cryptocurrency space, I find Brad Garlinghouse’s insights both enlightening and intriguing. His perspective on Ripple’s entry into the stablecoin market seems to be grounded in pragmatism, rather than competition – a strategy that, if successful, could indeed benefit the entire XRP ecosystem.
Brad Garlinghouse, CEO of Ripple, recently shared his thoughts on the latest happenings in the cryptocurrency sector, such as the forthcoming launch of RLUSD, potential XRP ETFs, and the possibility of the US SEC obstructing these proposals. In addition, he touched upon the regulation of cryptocurrencies in the United States and how it might evolve based on the outcome of the upcoming elections.
Brad Garinghouse Comments On RLUSD Stablecoin
Garlinghouse explained in a Thinking Crypto podcast interview that the RLUSD stablecoin is an essential component in the broader goal his company aims to accomplish with its payment service. He also disclosed that stablecoin transactions play a significant role in their business strategy, which explains why they are among the leading users of Tether’s USDT and Circle’s USDC stablecoins.
Consequently, Ripple recognized a chance to join the stablecoin sector due to its high level of activity. Brad Garlinghouse stated that their involvement isn’t about competing, but rather fostering growth. He emphasized that the launch of RLUSD will increase liquidity on the XRP ledger (XRPL), advantageous for everyone in the XRP community.
Concerning their plans for utilizing RLUSD on their On-Demand Liquidity (ODL) system, Garlinghouse stated that there will be no changes since it will function much like they use USDT and USDC for their payment service. He emphasized that they are primarily interested in how the stablecoin’s launch could bolster the XRP ecosystem, particularly within the realm of decentralized finance (DeFi).
As a crypto investor, I’m excited about the recent developments from Ripple regarding the launch of RLUSD. They’ve announced that Uphold, Bitso, and Bitstamp will be their exchange partners for this endeavor, although they haven’t specified an exact launch date just yet. However, with these key players on board, I have a strong feeling we can expect the rollout of RLUSD soon.
The Timing Of The XRP ETF Applications
Brad Garlinghouse expressed his surprise at the timing, but not the eventual result, of the XRP ETF application submissions. This is because he had previously predicted that crypto ETFs, including an XRP ETF, would eventually be launched after the introduction of Spot Bitcoin ETFs. He believes the applications by Bitwise and Canary Island are beneficial for the XRP community, and Ripple will provide assistance in any manner possible.
In response to a question about whether he thinks the U.S. SEC will prevent these XRP ETF applications from proceeding during the appeal, Garlinghouse hinted that the Commission may be actively working to keep these funds from becoming available. He pointed out that the Commission initiated an appeal at roughly the same time when Bitwise and Canary Capital started the process for the ETF.
The CEO of Ripple also hinted at the ongoing legal battle between Bitnomial and the US Securities and Exchange Commission (SEC), suggesting that the SEC’s actions were beyond the scope of the law. He argued that the SEC had labeled XRP as a security, contradicting Judge Analisa Torres’ decision that it is not. The SEC, in turn, has classified Bitnomial’s XRP futures as “Security Futures.” Recently, legal expert Bill Morgan offered explanations for why the SEC might be contesting XRP futures in the Bitnomial case, implying it could be a tactic to hinder Ripple’s development.
Interestingly, Brad Garlinghouse expressed during the interview that he thinks Gary Gensler’s tenure as the SEC Chair may be coming to an end. He noted that Gensler is unlikely to continue as the SEC Chair past this current administration, regardless of who wins the upcoming U.S. Presidency.
Ripple CEO Discusses IPO
Brad Garlinghouse stated that it’s not a pressing concern for Ripple to become publicly traded, partly due to the tense relationship with the U.S. Securities and Exchange Commission (SEC). He further explained that they are under no immediate pressure to go public since they maintain a robust financial status, attributed to their investments in various cryptocurrency and XRP ventures.
As an analyst, I’d like to share some insights from the Ripple CEO. He mentioned that if they decide to go public, an Initial Public Offering (IPO) could take up to a year or more. This means it’s not a near-term possibility. Furthermore, the CEO hinted that they would only consider going public once Gary Gensler is no longer the Chair of the Securities and Exchange Commission (SEC). For now, Ripple is focusing on securing an appropriate valuation for their company.
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2024-10-17 19:00