Brad Garlinghouse, the CEO of Ripple Labs Inc has teased what he believes is the next phase for the crypto industry as his closing remark at the just concluded Ripple Swell Conference in Dubai.
Ripple CEO on Crypto Adoption
According to Garlinghouse, the regulatory pattern adopted over the crypto industry in the United States by the Securities and Exchange Commission (SEC) has to change. To him, this is the only way to get a different result.
This comment comes on the back of the three victories Ripple has bagged against the SEC from July to date. These include the declaration from Judge Analisa Torres that XRP is not in itself security, the denial of the interlocutory appeal from the regulator, and the unequivocal dismissal without prejudice of the charges against the Ripple CEO and Chris Larsen, the company’s founder for facilitating the sale of XRP as an investment contract.
To Garlinghouse, these victories mean a lot for the industry and can help it chart a new direction moving on. He predicted that once proper regulation can be put in place, we can eventually “get to the next phase of enterprise crypto adoption.”
The Ripple CEO said some of the events the industry has experienced in the past year including the conviction of Sam Bankman-Fried (SBF) might eventually help the crypto ecosystem become smarter. Notably, Garlinghouse said the calamity that befell FTX Derivatives Exchange cannot happen with Ripple because the firm has the proper safeguards in place to prevent such.
Brad Garlinghouse on Bitcoin ETF
Asked about what’s next for the market in the face of Bitcoin (BTC) and XRP soaring to new price heights in recent months, Garlinghouse said while he tries his best to steer clear from speculating on the market, he believes the upcoming halving and the potential approval of a spot Bitcoin ETF can usher in immense capital into the industry.
The clamor for Bitcoin ETF is growing across the board and many industry experts now share their opinion on the potential timeline and probability that the product will be approved by the SEC. While Galaxy Digital CEO, Mike Novogratz foresees the SEC approving the Bitcoin spot ETF this year, Bloomberg ETF Analyst, James Seyffart places the odds of getting the approval by January 10 at 90%.