Ripple CEO Advocates for Multichain Future and Clear Crypto Regulations at Ripple Swell 2023
Summary:
Ripple CEO Brad Garlinghouse, in his talk at the Ripple Swell 2023 event, argued against crypto maximalism and emphasized the future will be dominated by multiple blockchain systems. He pointed out two primary elements needed to advance global institutional adoption of digital assets: clear regulatory frameworks and proven utility of these assets. Despite contributing significantly to the global GDP, he criticized the US for lagging behind in creating clear crypto regulations compared to places like Dubai. He also suggested that speculation alone doesn't represent the ultimate goal of the crypto industry.
Throughout the cryptocurrency environment, there is a divergent view where some participants staunchly favour a singular blockchain system, while others predict a future shaped by numerous interlinked blockchains. The CEO of Ripple, Brad Garlinghouse, shared these thoughts during a cozy chat at the end of Ripple Swell 2023 global event in Dubai, with CNBC's @dan_murphy about how the next phase of business adoption of crypto can be ushered in with clear regulations. This event, that began in Toronto in 2017 has since been held in several locations worldwide.
Garlinghouse, in his talk, dissuaded those presenting themselves as "maximalists," positing that the future will be dominated by several chains and it's better to be open to an array of options within the crypto space. In addition to advising against maximalism, he discussed potential triggers that could prompt more institutions to embrace crypto. According to Garlinghouse, two crucial elements could encourage a greater institutional embrace of digital assets globally: the establishment of regulatory clarity and the existence of proven practicality.
Despite contributing about 22-23% to the global GDP, Garlinghouse pointed out that the United States lags behind in creating lucid guidelines for the crypto sector compared to locations like Dubai where the authorities are proactively involved. In his words, "The U.S. is way behind on creating those constructs, particularly in contrast to places like Dubai. You have to have the frameworks for major institutions to adopt and engage.”
Furthermore, the Ripple CEO is of the opinion that institutional adoption will significantly advance with the demonstration of functionality over mere speculation in the crypto space. He pointed out that speculation in itself does not represent the ultimate aspiration of the industry.
Published At
11/13/2023 10:36:09 AM
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