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Through a series of tweets Ripple CEO, Brad Garlinghouse, urged the U.S. regulators to swiftly step up and lean into digital currencies to keep the dollar market dominance high, citing the Chinese quest to develop its central bank-backed digital currency.
Ripple CEO Brad Garlinghouse went to his Twitter page to highlight some of his recent findings on the financial global trend. According to Garlinghouse, the system that most financial institutions are using is outdated and adopting advanced and modern technology will enable the streamlining of the system.
Ripple Labs is the brain behind the creation of RippleNet, which makes it easy for its diverse network of over 300 financial institutions to deliver cross border payments with limited friction. Garlinghouse urges the United States federal government to expand and accommodate digital currencies as the future is already here with us.
U.S. regulators: now is the time to step up and lean into digital currencies. Remaining complacent is actually setting us back, while China’s grip on both crypto and fiat payments becomes stronger. https://t.co/NuGmFZmf7x (1/2)
— Brad Garlinghouse (@bgarlinghouse) May 26, 2020
The economic trade war between the United States and China had dominated the market world before the coronavirus changed the focus. With China moving in fast to invest in critical industries at this unstable time, analysts predict the Chinese bigger picture might be an overall win.
China has been accumulating cheap crude oil in its reserves as the oil industry traded at its lowest during the COVID-19 crisis. A step further, the Chinese leadership has been pushing to test a digital Yuan that can operate smoothly with the established cryptocurrency world.
Garlinghouse continued to say that he has found out that financial players are ready to adopt the crypto assets if the regulations are put in place. “This piece nails it. One caveat – public digital assets like XRP are not exempt from U.S. (or global) financial oversight – actually the opposite. Responsible players who use these assets want to work with regulators, not against them,” he said in a tweet.
Ripple CEO Brad Garlinghouse Says More Challenges Ahead
However, the current administration regime led by President Donald Trump has previously come out strong against cryptocurrencies especially Bitcoin. Last year, Donald Trump tweeted:
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
“Unregulated crypto-assets can facilitate unlawful behaviour, including drug trade and other illegal activity,” he added. The question to the President might be, does the dollar stop unlawful behaviour including drug trade and other illegal activity?
Despite the shortcomings, Ripple and its products on remittance received a spotlight from the Consumer Financial Protection Bureau, citing that they could allow banks and credit unions to know the exact amount that recipients of remittances will receive before they are sent.
With the strong push on digital asset adoption from Ripple, XRP might continue rising as more people and institutions adopt it. At the time of reporting, it was trading at around $0.20