Ripple Boss: Crypto Cannot Be Regulated With Regulations Made In The 20th Century

JAKARTA - The crypto industry is experiencing rapid development in recent years, especially in the midst of the Covid-19 pandemic, which has boosted demand for digital assets. One of the main players in the industry is Ripple Labs Inc, a company that develops XRP-based cross-border payment protocols, one of the largest cryptocurrencies in the world.

Ripple Labs has faced legal challenges from the United States Securities and Exchange Commission (SEC). The SEC accused Ripple of selling XRP as an unlicensed investment contract. However, Ripple managed to win several SEC lawsuits and proved that XRP was not a security, but a legitimate digital asset.

Brad Garlinghouse, CEO of Ripple Labs Inc., expressed his views on the future of the crypto industry at the Ripple Swell Conference that just ended in Dubai. He said that fair and clear regulations are urgently needed to drive a new phase of crypto adoption at the company's level.

"We need to change our mindset about how we manage this industry. We can't continue to follow the rules made in the 20th century for 21st-century technology. We need different results, and that means we need a different approach," Garlinghouse said.

Garlinghouse also highlights some of the achievements that Ripple and the crypto industry have achieved as a whole, such as partnerships with banks and financial institutions around the world, technological innovations that increase transaction efficiency and security, and rising XRP prices that reflect high market demand.

In addition, Garlinghouse is also talking about potential Bitcoin spot ETFs, which are investment products that allow investors to buy and sell Bitcoin directly without intermediaries. He said he was optimistic the SEC would approve a Bitcoin spot ETF this year, and this would bring huge capital flows to the crypto industry.

"ETF Bitcoin spot is an important step towards making Bitcoin more accessible and liquid for retail and institutional investors. I think the SEC will look at its benefits and give approval in the near future. This will be a major driver for the growth of the crypto industry," Garlinghouse said.

Ripple Labs Inc is one of the leading crypto companies committed to building a more inclusive, efficient, and sustainable global payment ecosystem. Using blockchain and XRP technology, Ripple Labs Inc offers solutions that allow for low-cost, high-speed, and high-transparency cross-border remittances.