[Ripple CEO slams Biden’s war on cryptocurrencies]
Ripple CEO Brad Garlinghouse criticized the Biden administration's "illegal war" on cryptocurrencies, particularly the U.S. Securities and Exchange Commission's (SEC) hostile actions against Ripple. He believes that the SEC's vague policies and arbitrary actions have frozen Ripple's development opportunities in the United States, plunged the entire industry into chaos, and damaged the United States' leadership in the technology and financial industries.
Garlinghouse noted that 95% of Ripple’s customers are from outside the United States, including major financial institutions in places like the United Kingdom, Japan, and Switzerland. He criticized the United States for choosing to step back when other countries are actively embracing encryption innovation, calling for a change in policy. He expressed optimism about encryption policies after Trump is elected in 2024, expecting the new government to bring a friendlier regulatory environment and establish clear regulations to promote industry development.
In addition, Ripple plans to enter the stablecoin market and launch the Ripple USD stablecoin, which aims to solve the problem of inefficiency in cross-border payments and provide banks with fast and reliable solutions. Garlinghouse believes that the stablecoin market has a potential of $180 billion, and Ripple has innovation and trust advantages in this industry.
He called for the development of a balanced regulatory framework that not only protects investors but also promotes industry growth. He emphasized that the goal is not to eliminate regulation, but to create clear and fair rules so that the encryption industry can flourish while protecting the public interest.