Ripple CEO Brad Garlinghouse says tribalism among different crypto communities is hindering the industry’s efforts to lobby for accommodating policy in Washington.
In a new interview with CNBC, Garlinghouse says that he owns multiple cryptocurrencies, and expects all of them to rise together as the industry gains prominence.
[adinserter block="1"]“I own Bitcoin, I own Ether, I own some others. I am an absolute believer that this industry is going to continue to thrive… All boats can rise.”
The Ripple chief compares the crypto space to the rise of internet giants decades ago when many different companies serving separate use cases came out on top together.
“Yahoo could be successful and so could eBay… They’re solving different problems… There’s different use cases and different audiences and different markets. I think a lot of those parallels exist today.”
Garlinghouse says that maximalists, or people who believe their preferred cryptocurrency should take over the entire industry, are creating a type of “fractured representation” when it comes to lobbying US lawmakers.
“The lack of coordination in Washington, D.C., amongst the crypto industry, I find to be shocking.”
Garlinghouse’s comments come in the wake of an executive order from the Biden Administration calling for a government-wide investigation into crypto and crypto regulation. The Ripple CEO has also been dealing with regulatory hurdles firsthand since December of 2020 when the U.S. Securities and Exchange Commission (SEC) sued the payments company for allegedly issuing XRP as an unregistered security.
Garlinghouse said last week that the lawsuit is slowly unfolding better than he anticipated.
“The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago. But the wheels of justice move slowly.”
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