First of all, Garlinghouse reiterated that he does not think that cryptocurrencies could pose a threat or that they could disturb the US dollar or the currencies of other major countries.
The importance of regulation
The CEO of Ripple expressed his concern about the blockchain industry being classified as a tool for criminals, but that working closely with legislators will prove to be an excellent solution for all cryptocurrencies.
“The entire crypto industry should not be painted with one broad brush – it has come a long way since the days of Silk Road. For the industry to succeed, we need to work with regulators and within policies”.
With regard to the Facebook Libra project, the CEO of Ripple said:
“When I read the Libra whitepaper – outlining a goal to create a new fiat currency – it was clear to me that the effort should be held to the same standard as other regulated financial institutions”.
Garlinghouse then obviously mentioned XRP and the benefits it can bring:
“XRP is uniquely equipped to solve a multi trillion dollar problem by offering a dramatically faster and cheaper bridge for cross border payments. Ripple already works with regulators, banks and financial institutions (like MoneyGram) to implement this around the world”.
In addition, Garlinghouse delivered words of encouragement to all those working in the blockchain and cryptocurrency industry.
“If we want to maximize progress forward, it’s about working with the existing financial system – not against it. If not, we risk squashing innovation here in the US, and letting foreign interests take control of this new sector of our global economy.”