Ripple’s CEO, Brad Garlinghouse, in a conversation held during the week of the Paris summit, condemned the perceived bias in the crypto industry. For him, polarization and tribalism are the major factors that have prevented the industry from reaching its full potential.
XRP Army is Going Through a Lot
The CEO of Ripple has a lot on his plates with the currently ongoing lawsuit about defining Ripple’s use of its XRP tokens. He pointed out that certain digital assets like Bitcoin have been given preferential treatment by some people who tagged themselves “maximalists.” There is enough room for every coin to thrive, and it is unfair to allow only some coins.
He expressed himself by claiming to own other coins like Ether and Bitcoin despite being CEO of XRP. He also condemned top influential personalities or maximalists like Michael Saylor and Jack Dorsey for neglecting other coins who contribute to the crypto industry.
The bases of his claim are that CoinGecko’s data estimates that the total worth of cryptocurrency’s circulation is currently proven to be $2 trillion in the market. For him, the crypto industry will reach its full potential with the combined effort of thousands of other coins and not just Bitcoin. Hence, marginalizing these smaller coins will only do more harm than good.
Ripple, for instance, has sold more than $1 billion worth of XRP. However, this success is currently at risk owing to claims from the office of Securities and Exchange Commissions that the security (XRP) is unregistered and has been sold without license. The company’s argument remains that XRP is not a security but rather a virtual currency like Bitcoin and Ethereum.
Garlinghouse also stated that different cryptocurrencies can perform different functions without having to maximize some and discredit others. Irrespective of the number of available coins out in the crypto world, there is enough room for every boat to sail without trying to sink others.
He expatiates on his point, using the analysis of the early 21st-century era of Yahoo and eBay. In his word, these “…parallels” can coexist for the crypto industry’s growth. The competition among the different crypto coins to be at the top may become quite unfair if the CEO’s claims on tribalism are valid.
For him, one of the major problems of the crypto industry remains among lawmakers who continue to encourage polarization and fractured representation. Hence, until this issue is addressed, the full potential of the crypto industry may never be unveiled.
While the lawsuit between SEC and Ripple persists, the president of the United States of America, through an executive order, encourages weighing the dangers and benefits of the thousands of cryptocurrencies. For Garlinghouse, it only shows a shocking lack of coordination.
The CEO’s statement on fractured representation in the crypto industry has been one of their strongholds in the court case with the SEC. Ripple appears to have marked a small victory in the last appeal filed by the SEC to classify Ripple’s XRP as securities.