Ripple CEO Brad Garlinghouse has taken to Twitter to share his thoughts on the state of the crypto industry in the United States, stating that the industry needs to rebuild trust through both utility and transparency.
In a tweet on March 7, Garlinghouse said that the industry needs to move forward together, adding that this can only happen through transparency and utility.
He cited companies like FTX and Terra as examples of firms that shattered trust in crypto.
However, Garlinghouse also pointed out that the industry is facing significant headwinds, with the Securities and Exchange Commission (SEC) declaring war on crypto. He criticized SEC Chair Gary Gensler's call for firms to register, saying that there is no infrastructure in place for a "registered token" to trade and no clarity on what these tokens are.
The Ripple boss also called on regulators to regulate the industry properly, saying that many other G20 countries are already building frameworks and setting guidance. He cited the EU's markets in crypto-assets (MiCA) regulations as an example of what the US could do.
As reported by U Today, Garlinghouse recently stated in an interview with Bloomberg that he expects a decision on the XRP lawsuit with the SEC to be made this year. The Ripple CEO emphasized the importance of the lawsuit, which could have far-reaching impacts on the entire cryptocurrency industry, and criticized the SEC's approach to crypto regulation.
He also stated that the case was not really about Ripple or XRP but rather how the SEC was attacking the entire industry. The outcome of the lawsuit will set the stage for how crypto will be regulated in the U.S. and will be pivotal for the entire industry.
https://u.today/ripple-ceo-says-crypto-industry-has-to-rebuild-trust....
It would be interesting to know whether most blame the crypto industry for negative fallout in 2022. Or whether most would hold a small number of bad actors responsible for cryptos big downturn. Is it perceived as an industry wide systemic fault. Or the actions of a few rogue individuals working alone, who may have made a few questionable decisions along the way.
Prior to the 2008 economic crisis and the US real estate market crash. It was unthinkable that such a financial crisis could occur on american soil. Everyone was taken by surprise and few were prepared. I think the last big american economic crisis had occurred during the 1970s and was close to 40 years removed. There has been a major shakeup of social norms and prior precedents, concerning US finance. Bucking decades of previous positive trends.
Given current economic conditions, is it fair to say that the #1 priority for most is searching for a viable exit strategy. Which would allow them to escape negative fallout associated with rising costs of living. Given our current and likely future obstacles, our environment appears to be one where rebuilding trust would be a difficult venture. Is there a likely scenario where a blueprint for this can be created.
If our goal is to rebuild the public's faith and confidence in crypto, what would be our 1st step?
