In a recent interview with Chris Vasquez on “World Class,” Brad Garlinghouse, CEO of Ripple, offered a glimpse into his perspective on the cryptocurrency industry.
The conversation majorly focused on Tether, the world’s largest stablecoin issuer. Garlinghouse expressed concern about Tether’s potential entanglement with U.S. regulators. “The US government is going after Tether. That is clear to me,” he stressed.
While acknowledging Tether’s importance within the cryptocurrency ecosystem, Garlinghouse admitted difficulty pinpointing the exact repercussions if regulatory action were to be taken. Tether’s USDT stablecoin maintains a market capitalization of over $110 billion, according to Coinmarketcap data.
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From Skepticism to the Helm of Ripple
Garlinghouse’s journey into the cryptocurrency world began around 2012 with exposure to Bitcoin. However, he remained unconvinced of Bitcoin’s ability to replace banks. “I was exposed to Bitcoin around 2012. However, I was skeptical of the idea that the cryptocurrency could replace banks,” he said, explaining his initial reservations.
This skepticism fueled his interest in Ripple’s approach, which advocates for a collaborative environment where cryptocurrencies and traditional finance coexist.
His ascent to CEO in 2016, however, presented a unique challenge. Unlike his experience at Yahoo, Garlinghouse found himself leading a company without a readily available network of peers within the industry. As he admitted, this isolation fostered a sense of “loneliness” at the helm of Ripple.
Navigating the Legal Storm
The lawsuit by the U.S. Securities and Exchange Commission (SEC) against Ripple undeniably marked a difficult period for the company, as Garlinghouse readily admits. He emphasized Ripple’s commitment to transparency throughout the legal battle, ensuring employees felt invested in the company’s mission.
A pivotal moment for Ripple arrived on July 13, 2023, when the company secured a partial victory against the SEC. “I broke down crying,” Garlinghouse confessed during the interview.
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Crypto’s Resilience in the Face of Regulation
Garlinghouse firmly believes that the SEC’s efforts to stifle the cryptocurrency industry will ultimately prove futile. “The SEC is not going to succeed in curtailing the crypto industry,” he asserted. He views the current regulatory environment as a temporary obstacle to the crypto market’s growth.
His position as CEO prevents him from engaging in personal cryptocurrency trading due to the inherent difficulty of predicting market fluctuations, in his words “I could not trade crypto since it is hard for me to predict specific timelines,” he explained.
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