As a long-term crypto investor with a keen interest in the industry’s latest developments, I find the ongoing tussle between Ripple and Tether intriguing. The clarification by Ripple CEO Brad Garlinghouse regarding his alleged attack on Tether during a podcast interview came as a relief to me.
Brad Garlinghouse, the CEO of Ripple, has clarified through a post on his XRP-dedicated Twitter account that he did not intend to attack Tether, the issuer of the USDT stablecoin, despite recent speculation to the contrary.
Ripple CEO Reiterates His Tether Stand
As a researcher, I’ve discovered that there seems to be some misunderstanding regarding Ripple CEO’s statements during his interview on the World Class Podcast with Chris Vasquez. Contrary to popular belief, his remarks were not an attack on Tether. Instead, he emphasized that Tether plays a significant role in the crypto ecosystem. The criticism reportedly misrepresented the context of their conversation.
I’ve been closely monitoring the regulatory landscape for USD-backed stablecoins, and my observation is that the US government has made it clear they intend to exert greater oversight over issuers in this space. Given Tether’s status as the market leader, it’s only natural that they find themselves under increased scrutiny.
In simpler terms, during the podcast interview, I didn’t intend to criticize Tether. On the contrary, I consider Tether to be a vital component of the crypto market. My statement was meant to convey that the US government has signaled its intention to regulate issuers of USD-backed stablecoins more closely, which would affect Tether as well.
— Brad Garlinghouse (@bgarlinghouse) May 13, 2024
As an analyst, I’d rephrase it this way: Tether and its CEO, Paolo Ardoino, have been subjected to intense criticism within the crypto community. Garlinghouse’s comments about Tether seemed to be positioning Ripple for the upcoming launch of their stablecoin. In response to the allegations made against Tether in a podcast, Ardoino accused Garlinghouse of spreading Fear, Uncertainty and Doubt (FUD) regarding the stability of our stablecoin.
As a researcher studying the cryptocurrency market, I’ve observed that Tether, as the leading stablecoin issuer, currently holds a circulating supply of approximately 110.8 billion USDT. However, there are rumors in the industry that Ripple, with its prominent role in the blockchain payments sector, could potentially challenge Tether’s dominance.
According to Ripple’s schedule, their stablecoin could be launched by the end of this summer. This new stablecoin has the potential to significantly contribute to Ripple’s business operations. Contrary to any suggestions of deceit, Garlinghouse made it clear that Ripple’s intentions with its stablecoin are not malicious towards Tether in the competition arena.
Fighting the US Regulators
The conflict between Ripple and Tether highlights the underlying stress among cryptocurrency market participants in the United States regarding regulatory issues. Although Tether hasn’t faced any active legal disputes with U.S. regulators currently, it has experienced its share of regulatory scrutiny in the past.
As a financial analyst, I’d rephrase it as follows: The legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) is far from over, despite some victories for both parties. However, reaching a final settlement to resolve the ongoing lawsuit remains the most significant hurdle at this point.
The SEC is proposing a penalty of $2 billion against the company, while Garlinghouse’s crypto payments business is advocating for a smaller fee of $10 million.
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2024-05-13 19:52