Ripple CEO Brad Garlinghouse says he’s talked with US Treasury Secretary Steven Mnuchin about how the Trump Administration can responsibly regulate cryptocurrency.
In a series of tweets, Garlinghouse says he agrees with Mnuchin’s doubts that crypto can replace the dollar and other fiat currencies – at least in this lifetime – and says he’s thought long and hard about President Trump’s recent criticism of Bitcoin and other cryptocurrencies.
— Brad Garlinghouse (@bgarlinghouse) July 15, 2019
As for the legitimacy of the crypto industry at large, Garlinghouse says it’s important to understand that many legitimate businesses have been built around crypto assets since Bitcoin’s debut 10 years ago, and responsible regulation that spurs innovation is key.
“…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 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.
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 also highlights the speed of the digital asset XRP. Ripple owns more than half of the total supply of XRP, and utilizes it in its cross-border payment solution xRapid.
“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.”
You can check out the full thread from Garlinghouse here.