Ripple Labs’ CEO, Brad Garlinghouse, shared his views on how the crypto industry will uplift itself from the setback laid by the FTX crash in an Annual conference held by the company called ‘Ripple Swell.’
According to CNBC, Ripple CEO Brad Garlinghouse remarked that the concept of non-regulation of crypto is “overstated.” He said on “Squawk Box Europe”-
“Crypto has never just been sunshine and roses and as an industry, it needs to mature.”
Stuart Alderoty, the company’s general counsel, told the local media that Ripple is seeking a virtual asset provider service provider (VASP) license in Ireland to expand to the European Union (EU) from the Irish central bank to deliver services there.
They are also planning to apply for an electronic money license on the grounds of the Republic of Ireland. Previously, the VASP license was handed to the crypto exchange Gemini. The laws discussed under the Markets in Crypto-Assets (MiCA) bill regulate the crypto assets inside EU nations.
As the sources suggest, in 2012, David Shwartz, Authur Britto and Jed McCaleb started the XRP (Ripple token) Ledger to compete with the Bitcoin blockchain in terms of speed and energy efficiency.
Ripple has over 750 employees worldwide, which helps financial institutions to transfer money internationally with the help of blockchain technology. Alderoty stated that FTX’s bankruptcy was “a call to action for responsible economic centers to work to get it right.”
Garlinghouse addressed the audience at the event-
“I firmly believe that crypto will be stronger because of this if we keep focusing on transparency and trust. Ripple has and will continue to lead in this regard.”
On December 22, 2020, CEO Brad Garlinghouse and co-founder Chris Larsen were sued by the United States Securities and Exchange Commission for trading $1.3 billion of XRP tokens without being registered with the commission.
According to Bloomberg, during an event of DC Fintech Week, Brad told about the timeframe of the XRP lawsuit by the SEC-
“I think we’ll have an answer in the first half of next year. Whether that’s the first quarter or second quarter, we shall see.”
Ripple disputed with the SEC because they said the token should not be considered an investment contract. Ripple will consider settlement when the regulator states XRP is not a security. The CEO says that the XRP lawsuit “is about the whole industry.”
After Sam Bankman Fried’s FTX collapse, Ripple has gone through ups and downs. At the time of writing, XRP is trading at $0.356 with a volume of $1.73 billion in the last 24 hours. The investors last valued Ripple at $15 billion. The market capitalization has slumped over 8.78% to $17.63 billion.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/11/22/crypto-industry-tend-to-become-strong-after-sailing-through-the-ftx-saga-ripple-ceo/