Ripple’s CEO Brad Garlinghouse just responded to President Donald Trump’s Tweets on cryptocurrency and Secretary of Treasury Steve Mnuchin’s Libra themed press conference. In a series of tweets, Garlinghouse laid out his thoughts on what the President and his Secretary of Treasury said about the present and future of cryptocurrency.
Garlinghouse first reiterated that he did not think cryptocurrencies wild pose a threat or disrupt the US dollar or the currencies of other major countries. But he expressed a fear that the blockchain industry could get pigeonholed as a tool for criminals. Ultimately though, Garlinghouse thinks working with lawmakers will be best for the cryptocurrency industry.
“But as Mnuchin indicated, the entire crypto industry should not be painted with one broad brush – it has come a long way since the days of Silk Road. For the industry to succeed, we need to work with regulators and within policies. Full stop.”
When it comes to Facebook’s new cryptocurrency project, Garlinghouse says they need to be watched closely.
“When I read the Libra whitepaper – outlining a goal to create a new fiat currency – it was clear to me that the effort should be held to the same standard as other regulated financial institutions.”
Ripple’s CEO argues that XRP can serve a worldwide community in an era of new technology. With the need for money to be sent around the world rising, XRP offers a perfect solution for a financial industry due for an upgrade.
“XRP is uniquely equipped to solve a multi trillion dollar problem by offering a dramatically faster and cheaper bridge for cross border payments. @Ripple already works with regulators, banks and financial institutions (like @MoneyGram) to implement this around the world.”
Garlinghouse concluded his tweetstorm by offering a word of encouragement for the builders and developers of the industry.
“I hope there is no ‘ignoring, laughing or fighting’ as it relates to regulation of crypto. If we want to maximize progress forward, it’s about working with the existing financial system – not against it.”
“If not, we risk squashing innovation here in the US, and letting foreign interests take control of this new sector of our global economy.”
Garlinghouse’s statements are in line with many other leaders in the industry who wish to work with the government to provide a clear set of guidelines for cryptocurrency. With more clarity, talent and money will be able to confidently enter the space.