Ripple CEO, Brad Garlinghouse, in an interview with Trina Robinson addressed the growing speculation that XRP may pose a threat to traditional banking systems, potentially explaining why the SEC has targeted the company with ongoing litigation. The CEO dismissed the conspiracy theories but acknowledged the challenges Ripple faces from the US regulators.
🚨 @Ripple CEO – Brad Garlinghouse says: “Before the SEC got involved in the crypto markets, #XRP was the second most valuable digital asset!“
💥 XRP WILL DETHRONE BITCOIN 💥 pic.twitter.com/B64inHIdml
— JackTheRippler ©️ (@RippleXrpie) November 17, 2024
“It’s frustrating to grow a business under the headwinds of a US government agency acting outside the law,” Garlinghouse said in the interview, referring to the SEC’s claim that XRP is a security. Despite a federal judge ruling in favor of XRP, the SEC has appealed the decision, stretching the legal battle.
Is Ripple a Threat to Traditional Banking?
When asked about SEC Chairman Gary Gensler’s focus on XRP, Garlinghouse speculated that Ripple‘s success in streamlining cross-border payments may disrupt traditional financial systems.
According to Garlinghouse, XRP’s technology enables unbanked and underbanked people to access financial services, reducing reliance on the traditional banking systems. This innovation, Garlinghouse suggested may explain why XRP is seen as a disruptor in the financial industry.
“SEC is Picking Winners and Losers”
“Before the SEC got involved, XRP was the second most valuable digital asset,” the CEO said, “But their actions seem to be picking winners and losers in the market, which is not how our government should operate.”
Garlinghouse remains confident about XRP’s future, citing its international success and the inevitability of regulatory clarity. “Five years from now, we’ll look back and chuckle,” he said reaffirming XRP’s commitment to XRP community and its mission to create an inclusive financial ecosystem.
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