On January 16, day two of Davos 2024, Brad Garlinghouse, CEO of US crypto company Ripple, engaged in a conversation with CNBC Senior Tech Correspondent Arjun Kharpal, discussing various aspects of Ripple’s future, blockchain technology, and the crypto industry’s progression.
SEC’s Stance and Gary Gensler’s Role
Garlinghouse expressed his views on the U.S. SEC and its chair, Gary Gensler. He criticized Gensler for repeating the same actions and expecting different outcomes, suggesting that Gensler has become a political liability in the United States. Garlinghouse believes Gensler is not acting in the best interest of the citizenry or the long-term growth of the economy. He anticipates a change in the SEC’s leadership, which he thinks will be beneficial for the American people.
Prospects of a Spot Ethereum ETF Getting Approved by the SEC
Regarding the possibility of a spot Ethereum ETF in the U.S. following the approval of multiple spot Bitcoin ETFs, Garlinghouse called this “a certainty” (although he was reluctant to say when this would happen), and went on to say that he was sure other types of spot ETFs would get approved by the SEC in the future. He criticized the SEC’s approach, noting that the approval of the spot Bitcoin ETF only came after a US court deemed the SEC’s actions arbitrary and capricious.
US Crypto Regulation and Stablecoins
Garlinghouse discussed the lack of comprehensive crypto regulation in the US, contrasting it with the European Union’s MiCA regulation. He predicted that 2024 would see the passage of legislation, likely starting with clarity around stablecoins. He mentioned the significant role of stablecoins like USDT and USDC and expects other entrants in the market.
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Ripple’s Global Position and SEC Lawsuit
Garlinghouse highlighted Ripple’s hiring outside the US due to a hostile regulatory environment. He feels optimistic about Ripple’s position despite the ongoing lawsuit with the SEC. He mentioned the dismissal of cases against him and Chris Larson and the judge’s opinion that XRP is not a security. Garlinghouse criticized the SEC for its approach and expressed confidence in Ripple’s legal standing.
Ripple’s Focus and Growth in 2024
For 2024, Garlinghouse said that Ripple aims to continue investing in its core product, Ripple payments, and expand into more payout markets. Garlinghouse mentioned Ripple’s entry into the custody market and plans to invest in this area. He also hinted at Ripple’s interest in other vertical markets and potential acquisitions, leveraging Ripple’s strong balance sheet.
Retail Investors and Crypto Market Dynamics
Garlinghouse compared the current crypto market to the early days of the internet, suggesting that short-term market movements should be viewed with a long-term perspective. He remains optimistic about the crypto market’s trajectory in 2024, emphasizing the importance of compliance and solving real customer problems.
Ripple’s IPO Plans and Market Conditions
Discussing Ripple’s IPO plans, Garlinghouse stated that going public is not an immediate priority, partly due to the hostile regulatory environment in the US. He mentioned Ripple’s repurchase of over a billion dollars of stock from shareholders and the company’s strong financial position.
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- Source: https://www.cryptoglobe.com/latest/2024/01/ripple-ceo-there-will-be-spot-etfs-for-other-cryptocurrencies-for-sure-sec-chair-gary-gensler-is-a-political-liability/
