In a recent interview with Fox Business, Ripple CEO Brad Garlinghouse spoke about the recent approval of Bitcoin ETFs and commented on remarks made by JPMorgan CEO Jamie Dimon.
In response to Jamie Dimon’s fierce criticism, Garlinghouse argued that while new technologies such as cryptocurrencies may attract bad actors, they also offer significant benefits and should not be ignored entirely. “Bad actors will use any new tool,” she said, underlining the importance of recognizing the positive impact and potential of cryptocurrencies.
He stressed that Ripple only works with regulated financial institutions and does not support anonymous transactions.
A milestone for cryptocurrencies
Garlinghouse also highlighted the importance of the recent approval of Bitcoin spot ETFs by the Securities and Exchange Commission (SEC), describing it as an important confirmation for the cryptocurrency sector. “It’s a big deal,” she said, highlighting the growing interest from institutional investors and government bodies in cryptocurrencies.
Garlinghouse highlighted that this move represents a shift from the fringes to mainstream acceptance of cryptocurrencies.
He also delved into Ripple’s role in this evolving landscape, explaining how their blockchain technologies and solutions are improving the efficiency and cost-effectiveness of cross-border payments for financial institutions.
Regulatory challenges and the future of cryptocurrencies
In the interview, Garlinghouse expressed frustration with the current regulatory environment in the United States, specifically criticizing SEC Chairman Gary Gensler’s approach to the cryptocurrency industry.
He accused Gensler of prioritizing litigation over clear regulatory frameworks, in contrast to more proactive approaches seen in other countries.
Garlinghouse has advocated for regulation that focuses on outcomes and activities rather than the technology itself, highlighting the importance of principles such as Know Your Customer (KYC) and Anti-Money Laundering (AML).
He remains optimistic about the future of cryptocurrencies, citing the ETF approval as an indication of their staying power and the need for the US to embrace and understand this emerging asset class.