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On Wednesday (May 25), Ripple CEO Brad Garlinghouse shares his thoughts on a variety of interesting crypto-related topics while being interviewed by CNBC senior technology correspondent Arjun Kharpal at this year’s World Economic Forum (WEF) Annual Meeting in Davos, Switzerland.
Below, are highlights of Garlinghouse’s comments during this interview.
On 2017-2018 ICO Boom
“I think in some ways the ICO boom wasn’t particularly great for crypto, but you know some good things probably came of that, just like stablecoins. I said somewhat controversially around that period that I thought 99% of crypto — at the time there were 2,000, not 19,000 — would probably go to zero and that didn’t make me a lot of friends in the crypto world.
“Since then, I’ve been very wrong, I guess, because now there’s 19,000. So, we moved the other direction… It’s not clear to me whether there’s a place for all of these, but I also think as you go from first-generation technologies to second-generation, you get more specific use cases for specific types of solutions.
On NFTs
“And look, I think we even have seen with what’s going to NFT market. Yet, the gas fees associated with NFTs are in some cases astronomical. And are the underlying layer one technologies able to support NFTs in the kind of first generation? And I think we’re finding probably not. And we need to find better technologies that can support NFTs because I don’t think NFTs are going away by any stretch.“
On Crypto Regulation
“I certainly have said — and I think that the team at Ripple has said for years — the industry lacks clarity and lacks certainty. The overwhelming majority of people working in the crypto industry I think are good actors that want to do right by regulators, but when the rules of the road aren’t clear, it’s very difficult to manage within that.
“And so for entrepreneurs and investors to participate in these markets, to invest in companies in this space, you want that clarity and certainty. In the United States, we have been clamouring for that… I personally, was at the U.S. SEC office office four or five times in the years leading up to their decision to file a lawsuit saying that XRP… [is] a security.
“You have other countries that demonstrate how out of step the United States is with the really the G20. I mean, we talk about Switzerland here, we talk about Singapore, we talk about the UK, Japan, even the UAE is way ahead in providing that clarity and certainty that I think allows investors and entrepreneurs to build on these technologies.“
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Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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