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If Ripple stops, is XRP still trading? Yes, CEO Brad Garlinghouse said recently, using Litecoin’s success after its founder walked away from the project to make his case.
During a recent podcast, Ripple’s executive said that if he had no plans to leave Ripple anytime soon, he could move the company overseas as he believed the lack of regulatory clarity around XRP in the United States was not beneficial to the company. . According to Garlinghouse, eight different regulators in the United States are saying eight different things about XRP. For example, while FinCEN reportedly declared it to be a currency, the IRS treats it as property. “It’s not just about slowing down XRP, it’s slowing down the industry,” he said, adding that
“We have to be on a level playing field to compete with other players”
The executive’s statements are revealing as they contrast sharply with the CEO’s previous stance on regulation. Last year, he expressed concern that Facebook’s plans to enter the crypto space with Libra would cause tighter regulations across the industry. In fact, in an open letter, Ripple also appeared to side with angry US lawmakers.
While his previous concerns centered on the possibility that regulators “lump all cryptocurrencies into one compartment,” today his concern is that XRP is currently excluded from the list of consolidated digital currency regulators.
According to him, this lack of regulatory clarity creates an atmosphere in which unclear assets underperform, adding that this regulatory uncertainty has held back the progress of some key partnerships, namely the banks.
Ripple’s main focus is cross-border payment solutions and banks are, without a doubt, a big part of that picture.
However, while there have been a few partnerships with banks around the world, the majority of Ripple’s business has come from partnerships with small and medium-sized payment providers.
This is something Garlinghouse attributes to the fact that the big banks make a lot of money being the oligopolies of cross-border payments, which is why the small players are the first to adopt, are the most aggressive and are ready to take the lead. most of the risks.
While some, like CoinMetrics co-founder Nic Carter, have suggested that XRP will never be used by banks, the Ripple team believes that it is only a matter of time that XRP is adopted in as a universal bridge asset.
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