Ripple’s CEO Brad Garlinghouse recently commented on developments in the crypto space, including the imminent RLUSD launch, the XRP ETFs, and whether the US SEC will likely block these applications. The Ripple CEO also discussed crypto regulations in the US and what could change depending on who gets elected in the upcoming US elections.
Brad Garinghouse Comments On RLUSD Stablecoin
Garlinghouse stated during an interview on the Thinking Crypto podcast that the RLUSD stablecoin forms a puzzle piece of what his firm is trying to achieve with its payments service. He revealed how stablecoin transactions formed a major part of their business model, which led to them being among the primary users of the USDT and USDC stablecoins.
Therefore, Ripple saw an opportunity to enter the stablecoin market, considering the amount of activity they witnessed with their stablecoin use. Brad Garlinghouse added that their entrance into the market isn’t about competing but simply growing it. The Ripple CEO remarked that the RLUSD launch will bring more liquidity to the XRP ledger (XRPL), benefiting everyone in the XRP ecosystem.
Regarding how they will use RLUSD on their On-Demand Liquidity (ODL) rails, Garlinghouse mentioned that nothing will change, as it will be similar to how they use USDT and USDC for their payment solution. He noted that they are more focused on how the stablecoin launch could benefit the XRP ecosystem, especially in decentralized finance (DeFi).
Ripple recently revealed major updates concerning the RLUSD launch, including the announcement that Uphold, Bitso, and Bitstamp will be exchange partners. Although the firm has yet to give a particular launch date, it will likely roll out the stablecoin anytime soon.
The Timing Of The XRP ETF Applications
Brad Garlinghouse stated that he was surprised by the timing of the XRP ETF applications but not the outcome. He referred to his previous comments in which he mentioned that other crypto ETFs, including an XRP ETF, were inevitable following the launch of the Spot Bitcoin ETFs. He affirmed that the applications by Bitwise and Canary Island are positive for the XRP ecosystem and that Ripple will show support in any way they can.
When asked if he believes the US SEC will block these XRP ETF applications amid the appeal, Garlinghouse suggested the Commission was already trying to ensure that these funds do not see the light of day. He noted that the Commission filed an appeal just around when Bitwise and Canary Capital began the ETF process.
The Ripple CEO also alluded to Bitnomial’s case against the US SEC, stating that the Commission was acting outside the law and calling XRP security despite Judge Analisa Torres’ ruling that the coin isn’t one. The Commission claimed that Bitnomial’s XRP futures are “Security Futures.” Pro-XRP lawyer Bill Morgan recently provided insights into why the SEC is challenging XRP futures in the Bitnomial case, claiming it might be part of a strategy to stifle Ripple’s growth.
Interstingly, Brad Garlinghouse stated during the interview that he believes that Gary Gensler’s days as the SEC Chair are numbered. He remarked that Gensler would unlikely remain as the SEC Chair beyond this administration, irrespective of who becomes the next US President.
Ripple CEO Discusses IPO
Brad Garlinghouse mentioned that Ripple going public isn’t a high priority for them, partly because of the strained relationship with the US SEC. He added that they are in no rush to go public because they are in a strong financial position thanks to their investments in several crypto and XRP projects.
The Ripple CEO added that an IPO could take over 12 months even if they decide to go public. Therefore, this is not something that will happen anytime soon. Garlinghouse also suggested that they would only consider going public when Gary Gensler is no longer the SEC Chair. In the meantime, Ripple wants to ensure they get the right valuation for the firm.
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