Ripple CEO speaks out against polarization in crypto
Ripple CEO Brad Garlinghouse Believes Maximalism Is Harmful To The Cryptocurrency Industry
Ripple CEO Brad Garlinghouse recently told CNBC that maximalism is a major hurdle for the industry.
Unhealthy polarization doesn’t bode well for cryptocurrency market growth, according to the 51-year-old executive.
Garlinghouse, who owns Bitcoin and Ethereum himself, believes that more than one cryptocurrency could succeed, which is why there is no place for tribalism.
The former Yahoo executive, who also oversaw the product teams at AOL, recalled that many companies managed to thrive simultaneously during the dotcom mania of the late 1990s as they were busy solving various problems.
The executive is particularly concerned about the lack of coordination among cryptocurrency industry leaders on the regulatory front in Washington, DC. Garlinghouse described this lack of cooperation as “shocking.”
After being sued by the U.S. Securities and Exchange Commission in late 2020, Ripple has been criticized by the cryptocurrency community for targeting Bitcoin and Ethereum in its Wells notice, accusing the agency of picking “winners and losers.” At the same time, members of the XRP community believe that the SEC has created an uneven playing field for other projects by allegedly providing clarity to the two major cryptocurrencies.
Last December, the head of Ripple noted that the decline in maximalism was a positive thing for the industry.
While Garlinghouse opposes tribalism, in the past he has spoken out against cryptocurrency projects that were of no use. As reported by U.Today, the Ripple boss predicted that as much as 99% of cryptocurrencies would eventually go to zero. He believed that the lion’s share of crypto projects had little substance.