In recent statements, Ripple’s CEO, Brad Garlinghouse, has strongly criticized the US regulatory landscape and its chair, Gary Gensler, signaling potential trouble for XRP investors. Here’s a closer look at what Garlinghouse had to say and the latest XRP price predictions.
Garlinghouse’s Critique of the SEC and Gary Gensler
Brad Garlinghouse did not mince words when addressing the US Securities and Exchange Commission (SEC) and its Chair, Gary Gensler. During a panel at DC Fintech Week,
he said, “If The SEC & Gary Gensler Wasn’t Wasting Time Suing Ripple & Meeting With Sam Bankman-Fried, Maybe We Could’ve Avoided Some Of The Fraud That Occurred In The Crypto Space.”
Additionally, Garlinghouse aimed at the SEC in response to rumors of their discussions with Grayscale regarding the Grayscale Bitcoin Trust (GBTC) potentially becoming a spot Bitcoin exchange-traded fund (ETF). Comparing the US to other nations proactively engaging with the cryptocurrency industry, he implied that the SEC’s approach under Gensler was a “political liability.”
Criticism of the US Government’s Stance on Cryptocurrencies
In a separate interview, Garlinghouse criticized the US government’s ambiguous stance on cryptocurrencies. Despite Ripple’s recent partial victory against the SEC, he highlighted that US banks remain cautious about integrating XRP due to the ongoing uncertainty.
“Look, even though you won the case, the US government is still hostile towards crypto,” Garlinghouse noted.
He pointed out that the Office of the Comptroller of the Currency (OCC) is against cryptocurrencies, and significant participation from American banks is unlikely until this changes.
Despite the CEO’s criticism and the uncertain regulatory environment, Ripple has received positive feedback from the SEC and payment processors. They’ve submitted a proposed remedy plan to Judge Torres, requesting a 90-day window for scheduling entry.
XRP Price Predictions
While XRP trades at $0.6933, price predictions suggest potential upward momentum. EGRAG’s technical analysis indicates the possibility of a bullish scenario, with XRP’s market capitalization potentially reaching an all-time high of $997 billion. Historically, XRP’s market cap has been lackluster, but a forecasted $18 price would require over 800% growth, making it challenging for Ripple to capture early adopters.
Investors are left to weigh the potential gains against the prevailing regulatory uncertainties as Ripple’s CEO continues to voice concerns over the US government’s stance on cryptocurrencies.