- Ripple’s CEO Brad Garlinghouse announced that the company’s new stablecoin, Ripple USD (RLUSD), will launch within weeks.
- He also criticized the SEC’s regulatory approach and celebrated a legal victory in Ripple’s ongoing battle against the agency.
Ripple’s upcoming stablecoin, Ripple USD (RLUSD), pegged to the US dollar, is set to launch within weeks, according to CEO Brad Garlinghouse. Speaking at South Korea Blockchain Week, Garlinghouse provided insights into the stablecoin’s development and took the opportunity to critique the U.S. regulatory landscape.
A Strategic Move in a Competitive Market
Garlinghouse revealed that RLUSD is currently in a closed beta phase, with the coin already minted and ready for launch. He emphasized the timing of RLUSD’s release, noting that Ripple aims to capitalize on the gap left by the withdrawal of USDC from the market 18 months ago. With a stablecoin market largely dominated by USDT and USDC, holding 70% and 21% of the market share respectively, Ripple sees an opportunity to establish itself as a reliable player.
Garlinghouse’s Critique of the SEC
During his speech, Garlinghouse didn’t shy away from criticizing the U.S. Securities and Exchange Commission (SEC). He pointed out the inconsistency in the SEC’s approach, citing the agency’s approval of Coinbase’s initial public offering (IPO) followed by a lawsuit against the exchange. Garlinghouse warned entrepreneurs about the regulatory environment in the U.S., advising against starting crypto companies in the country.
He also commented on the SEC’s enforcement actions against the NFT marketplace OpenSea, describing them as “unfortunate” and argued that NFTs should not be classified as securities. Garlinghouse predicted a potential shift in the SEC’s leadership regardless of the upcoming U.S. presidential election’s outcome, which he believes could positively impact the crypto industry.
A Victory in Ripple’s Legal Battle
Garlinghouse celebrated a recent court ruling in Ripple’s ongoing legal battle against the SEC, where the court ordered Ripple to pay a $125 million fine—significantly lower than the $2 billion initially proposed by the SEC. He viewed this as a victory, reinforcing his belief that Ripple is on the right side of the law.
As Ripple prepares for the imminent launch of RLUSD, Garlinghouse’s remarks highlight the company’s strategic positioning in the stablecoin market and its ongoing struggles with U.S. regulatory bodies. The forthcoming stablecoin could be a significant development in Ripple’s journey as it continues to navigate the complex landscape of cryptocurrency regulation.
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