As a seasoned researcher with a keen interest in the crypto sphere, I find myself intrigued by Brad Garlinghouse’s latest announcements. His unwavering spirit and Ripple’s strategic moves are reminiscent of David taking on Goliath – a small company challenging the dominance of USDT and USDC in the stablecoin market.
Brad Garlinghouse, CEO of Ripple, recently announced that their dollar-tied stablecoin, called Ripple USD (RLUSD), is about to be launched. At the Korea Blockchain Week event, he mentioned that the stablecoin is currently in a private, limited beta test phase, and is expected to become publicly available within a few weeks. The RLUSD coin was designed to complement the existing XRP token from Ripple, marking their latest entry into the rapidly growing stablecoin market
Ripple’s RLUSD Challenge to USDT and USDC
The market for stablecoins, primarily dominated by USDT and USDC, has been eagerly awaiting some changes. During his latest speech, Brad Garlinghouse subtly suggested this possibility, referring to Ripple’s strategic move when USDC temporarily lost its value 18 months ago. Now, Ripple’s RLUSD is prepared to challenge the current situation, leveraging the company’s strong relationships with financial institutions to assert itself
Im Juni erklärte der Präsidentin von Ripple, Monica Long, dass das RLUSD-Netzwerk (Ripple’s Ledger Universal System, kurz “RLUSD”) in zwei Kryptonetzen getestet wurde, was bedeutendes Fortschritt. Die Erwartungsgemeinschaft von Garlinghouse erregte nach seinen letzten Worten, da er sicherstellte, dass die Ausgabe sehr bald erfolgen würde, indem er sagte, dass es in “Wochen” stattfindet stattfinden wird
At the same gathering, Garlinghouse discussed Ripple’s perspective regarding a potential Initial Public Offering (IPO) in the United States. His response was clear: Ripple shows no inclination towards undertaking a US IPO due to the difficult regulatory landscape created by the U.S. Securities and Exchange Commission (SEC). He voiced criticism towards the SEC’s unpredictable cryptocurrency regulation policies, using Coinbase as an example – a company that was given approval for a public offering but subsequently faced legal action from the same organization
In simpler terms, Garlinghouse’s comments mirror a widespread frustration in the cryptocurrency sector about the SEC’s approaches. Ripple itself has been embroiled in legal conflicts, such as the ongoing disagreement with the SEC over whether XRP should be classified as a security
Lately, the company managed to secure a significant reduction in the fine imposed by the court on Ripple. The new figure is set at $125 million, which is drastically lower than the original SEC demand of $2 billion. Additionally, the court decided that certain XRP sales were not found to violate securities laws
Ripple CEO Sees Hope in Potential SEC Leadership Change
Garlinghouse expresses optimism regarding cryptocurrency regulation, particularly in light of the upcoming U.S. presidential election. He suggests that a change in leadership at the Securities and Exchange Commission (SEC) could occur regardless of the election results, potentially leading to a more favorable regulatory landscape for crypto. Garlinghouse also voiced criticism towards current SEC Chairman Gary Gensler, asserting that his actions have had a detrimental impact on his political party
Amidst the SEC’s increased crackdown on cryptocurrency firms, as exemplified in the case of OpenSea, Garlinghouse maintains optimism. This is largely due to the growing traction of legislative initiatives such as the Financial Innovation and Technology for the 21st Century Act
Garlinghouse machte auch den Widerstand von Ripple, was er nennt die “Misstraufigkeit” der SEC, heraus, betonte. Er hat die finanzielle und juristischen Herausforderungen, die Ripple erfuhr, aber er betonte, dass es sich auf der richtigen Seite der Gesetze und der Geschichte befindet
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2024-09-04 13:43