Brad Garlinghouse, the CEO of the real-time gross settlement system, Ripple, has said that the cryptocurrency industry needs a cooperative relationship with regulators.
In an interview, the currency exchange and remittance network CEO said in a statement that it is very important for the whole cryptocurrency industry to recognize that they need to work with the regulators and to work with the system. He further added that the blockchain technology revolution is happening within the system and is not going to happen from outside it.
Reference Link: https://www.cnbc.com/
Post to the statement of the Securities and Exchange Commission regarding the requirement of digital asset exchanges to register with the agency, Bitcoin dropped below 10,000 dollars.
Ripple CEO Garlinghouse said that there are some within the community of bitcoin that advocated not just down with banks but down with governments.
The San Francisco-based payment protocol Ripple is developing a network for faster global financial payments. Financial institutions on the network can make use of the digital token XRP for quicker transactions.
Listed on about 60 exchanges, though the digital currency was making a trade of around 88 cents on Wednesday, yet it is not available on the renowned and top-level U.S. coin exchange, Coinbase.
According to some speculated tweets, Garlinghouse made his announcement on Fast Money on the same day on which Asiff Hirji, the President and Chief Operating Officer of Coinbase indicated in an upcoming announcement.
Garlinghouse said that Coinbase would have to decide what they needed to do and then make the announcements that would prove appropriate for them. He further added that he would not like to respond to the status of those sorts of things. The Ripple CEO accentuated the late February acquisition made by Circle of the company Poloniex and forecasted some deals as the asset class grows. He further stated that he thought that there was going to be more consolidation and that they would be growing in size. The CEO revealed that the company Ripple has about 60 billion dollars worth of the digital currency XRP and is currently planning to make use of it as an asset to invest back into the development of XRP.
The currency exchange company has announced that some financial firms are testing the use of the digital currency XRP for cross-border payments. As reported, the global payments company Fleetcor along with its subordinate Cambridge Global Payments would be testing the use of XRP followed by the companies MoneyGram, MercuryFX, and IDT.
The Ripple CEO Brad Garlinghouse has an estimated net worth of 3.7 billion dollars and has been ranked 210 on the Forbes’ list of richest Americans.