Speaking at a community event in Las Vegas dedicated to $XRP, Ripple CEO Brad Garlinghouse emphasized the company’s unwavering commitment to the cryptocurrency, amid ongoing discussions about regulatory clarity in the United States and the potential impact of the Clarity Act.
Garlinghouse firmly dismissed allegations suggesting that Ripple was distancing itself from $XRP, asserting, “Ripple is the world’s largest holder of $XRP, and we want this asset to succeed more than anyone else.” He addressed specific concerns regarding Ripple’s newly unveiled stablecoin, RLUSD, clarifying that this initiative would not overshadow $XRP but rather enhance its liquidity, utility, and trust within the market. He described the stablecoin as a means to facilitate transactions for institutional clients, thereby fostering the broader ecosystem.
Focusing on the status of U.S. cryptocurrency regulations, Garlinghouse highlighted the significance of the Clarity Act, particularly the developments expected in the third week of May. He expressed a cautiously optimistic outlook, suggesting that if the bill were to pass through the Senate Banking Committee, it could pave the way for greater regulatory clarity. Conversely, he cautioned that failure to advance the bill could lead to delays in the regulatory landscape.
Importantly, he underscored that, regardless of the Clarity Act’s fate, Ripple’s position regarding $XRP remains distinct. He cited a recent federal court ruling that clarified $XRP is not categorized as a security, stating, “$XRP has legal clarity. This clarity is what is most important to us.”
Additionally, Garlinghouse addressed Ripple’s recent share buybacks, executed at a valuation of $50 billion, indicating that the company is in no rush to pursue an initial public offering (IPO). He remarked that remaining a private entity affords Ripple greater flexibility and preserves its ability to express opinions freely, especially since competitors in the IPO realm, like Gemini and Kraken, have faced considerable challenges.
The CEO criticized the politicization of cryptocurrency, describing it as “madness,” and reaffirmed Ripple’s commitment to support “pro-innovation” candidates across both political parties. This follows Ripple’s previous $50 million contributions to super PACs like Fairshake, indicating an ongoing strategy to back initiatives that promote innovation within the sector.
Garlinghouse also revealed an intriguing anecdote regarding Ripple’s attempts to advertise $XRP on “The Sphere,” the prominent venue in Las Vegas. Although management allowed advertisements for Bitcoin and Ethereum, they declined Ripple’s request for $XRP, prompting Garlinghouse to advocate for a boycott of the venue.
In response to inquiries about a potential token buyback plan for $XRP holders, Garlinghouse clarified that such a strategy is not a current priority. Instead, he emphasized that the real benefits for $XRP holders would stem from Ripple’s ongoing investments aimed at enhancing the ecosystem and expanding institutional adoption of $XRP.
He remained open to the idea of considering special initiatives for $XRP holders in the context of a future IPO but reiterated that there are no immediate plans for this. The focus, according to Garlinghouse, is securely building the foundation necessary for $XRP’s continued growth and success in the market.
