Main navigation

Ripple CEO Says That Transparency Is “Critical” in Crypto Industry

News
Wed, 05/25/2022 - 06:20
article image
Alex Dovbnya
Ripple CEO Brad Garlinghouse has addressed crypto regulation and market turbulence in a recent interview
Ripple CEO Says That Transparency Is “Critical” in Crypto Industry
Cover image via U.Today
Read U.TODAY on
Google News

In a recent interview with Fox Business, Ripple CEO Brad Garlinghouse said that the whole industry had to be more transparent when asked about the Tether stablecoin.

“From the earlier days, Ripple and the XRP community, we tried to lead by example. We really tried to be the adults in the crypto room,” Garlinghouse said.

The executive claims that he came to the World Economic Forum in Davos, Switzerland, in order to pitch Ripple’s technology to finance ministers and CEOs around the world.

“Zoom out”

When asked about the ongoing cryptocurrency market correction, Garlinghouse said that Bitcoin is still trading significantly higher now than two years ago.

The Ripple boss adds that excitement “got ahead of reality” in the market.

He claims that stablecoins were the main bearish catalyst behind the recent market turbulence.

In early May, Terra’s UST stablecoin lost its peg, which made the UST governance token plunge to virtually zero.

The collapse of Terra has once again highlighted the need for crypto regulation. In the most recent interview, Garlinghouse says that countries like the U.K., Switzerland, and Singapore have already established a regulatory framework for cryptocurrencies.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.