Brad Garlinghouse, the CEO of Ripple, one of the largest crypto companies in the market, said that he talked with the U.S. secretary of the treasury about virtual currencies and how to better regulate them. This comes after a briefing on cryptocurrencies held by Mr. Mnuchin.
Brad Garlinghouse Talks With Mnuchin
During the last few days, digital currencies have been attacked by high officials in the United States, claiming that they are not regulated and that they can also be used by criminals to perform illegal activities. Steve Mnuchin explained that virtual currencies are even considered a threat to national security.
About it, Mnuchin commented:
“Cryptocurrency such as Bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking. Many players have used cryptocurrency to support their maligned behavior—this is indeed a national security issue.”
Brad Garlinhouse, the CEO of Ripple, wrote on Twitter that he talked with Mnuchin about virtual currencies and regulations in the market. He said that he agrees that cryptocurrencies are not going to be replacing fiat currencies around the world and that none G20 currency is going to be disrupted in his lifetime.
I agree that crypto isn't likely to replace fiat currencies – I have been very vocal that crypto isn’t likely to disrupt the US dollar and other G20 currencies in my lifetime. (2/7)
— Brad Garlinghouse (@bgarlinghouse) July 15, 2019
In addition to it, he said that virtual currencies should work with regulators and within policies. Furthermore, he has also accepted that Facebook’s Libra should follow the same standards as other regulated financial institutions.
Garlinghouse didn’t forget to mention that XRP was created to solve a multi-trillion dollar problem by offering faster and cheaper cross border transactions. At the moment, Ripple is working with regulators around the world and with other financial institutions such as Money Gram trying to offer better services to financial companies and users.
XRP is uniquely equipped to solve a multi trillion dollar problem by offering a dramatically faster and cheaper bridge for cross border payments. @Ripple already works with regulators, banks and financial institutions (like @MoneyGram) to implement this around the world. (5/7)
— Brad Garlinghouse (@bgarlinghouse) July 15, 2019
“I hope there is no ‘ignoring, laughing or fighting’ as it is related to the regulation of crypto,” he wrote. “If we want to maximize progress forward, it’s about working with the existing financial system – not against it.”
He went on saying that if the market does not work in this way, it may risk squashing innovation in the United States and allowing “foreign interests” take control of this new sector of the global economy.
XRP is the third-largest digital asset in the market with a price per coin of $0.314 and a market cap of $13.37 billion, according to CoinMarketCap.
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