TronWeekly

Crypto World News

You are here: Home / Archives for Brad Garlinghouse

Brad Garlinghouse

XRP ETF Filings Triple, 2024 Approval Likely Says Ripple CEO

by

  • Institutional interest in XRP is driving ETF applications, with Bitwise, Canary Capitals, and Grayscale leading the charge.
  • Ripple CEO Brad Garlinghouse predicts that this growing interest will push token prices higher.
  • Bitcoin ETFs have amassed $21.41 billion in inflows, a trend Garlinghouse expects XRP ETFs to follow.

Ripple CEO Brad Garlinghouse has expressed optimism about the approval of a spot-based exchange-traded fund (ETF) for XRP in the United States. Speaking at the 8th annual DC Fintech Week, Garlinghouse told Bloomberg that it is only a matter of time before the U.S. Securities and Exchange Commission (SEC) approves an ETF based on the token. The Crypto Basic reported highlights of his commentary on X (formerly Twitter), further sparking speculation among investors.

Screenshot 325
Source

Garlinghouse stressed the increasing institutional interest in XRP. He noted that several ETF applications linked to the token had been submitted recently. Bitwise and Canary Capitals both filed for spot XRP ETFs earlier this month, with Grayscale also joining the trend. Grayscale plans to convert its digital large-cap fund, which holds five different crypto assets, including the token, into a basket ETF.

This move underscores the growing interest in XRP from institutional investors. Garlinghouse believes this participation will significantly influence the token’s market performance. He pointed to the success of Bitcoin ETFs, which have attracted a total inflow of $21.41 billion, according to Farside data. This surge in demand for crypto-based ETFs has contributed to Bitcoin ETFs growing by $17 billion, making them the fastest-growing ETF products in the world.

Garlinghouse predicts that institutional investment could create upward pressure on the price of the Ripple token. He expects the same dynamic driving Bitcoin’s price to benefit Ripple as investors become more comfortable with crypto ETFs.

XRP ETFs Expected to Thrive

When asked whether an XRP ETF would perform as well as a Bitcoin ETF, Garlinghouse confidently pointed to Ethereum’s ETF performance. Despite some saying Ethereum ETFs have underperformed, Garlinghouse argued that the market dominance ratio between Bitcoin and Ethereum ETFs is similar, signaling success for both.

He expressed confidence that XRP ETFs will attract significant interest, particularly from the token’s dedicated global community. With the Ripple token ranked as the seventh-largest cryptocurrency by market capitalization, its support base continues to expand as institutional players increasingly eye the crypto market.

Garlinghouse emphasized that the ripple effect of institutional demand for crypto ETFs will likely lead to higher demand for the token, creating a bright outlook for the asset.

As the SEC weighs the approval of XRP ETFs, the growing institutional demand signals a potential price surge. Ripple’s Garlinghouse remains optimistic, citing successful precedents with Bitcoin and Ethereum ETFs. With several firms vying to launch XRP ETFs, the market awaits the SEC’s decision, which could further bolster the token’s standing in the crypto world.

Ripple CEO Slams SEC, Vows 100% Fight for XRP

by

  • The SEC has filed an appeal contesting the decision that XRP’s programmatic sales are not securities.
  • Garlinghouse criticized the SEC for prolonging the legal battle, saying it has caused harm to investors.
  • Ripple remains confident that the court’s ruling on XRP’s non-security status will prevail.

Ripple CEO Brad Garlinghouse has expressed his frustration with the U.S. Securities and Exchange Commission’s (SEC) decision to continue its legal battle against the company. The SEC recently filed a notice of appeal, contesting a federal judge’s ruling from 2023 that favored the firm in key aspects of its case.

Screenshot 301
Source

On October 1, the SEC filed a notice of appeal to the Second Circuit, signaling its intent to challenge the court’s ruling in the ongoing case against Ripple. The appeal focuses on a 2023 decision by Judge Analisa Torres, which found that the firm’s programmatic sales of XRP were not securities transactions. However, the judge did rule that sales to institutional clients were securities, leading the SEC to appeal the part of the ruling related to programmatic sales.

The SEC’s appeal comes after the court rejected its previous request for an immediate appeal last year, following the judge’s final verdict in August. The final decision, considered a partial victory for both sides, set the stage for this latest legal maneuver.

Ripple CEO Reacts to SEC’s Stance

Reacting to the appeal, Garlinghouse expressed his disappointment, accusing the SEC of dragging the case unnecessarily. The Ripple CEO highlighted that the regulator’s actions have hurt U.S. investors and damaged its own credibility. According to Garlinghouse, the case has become a “losing battle” for the SEC, which continues to waste taxpayer money.

In Garlinghouse’s view, the court’s decision regarding XRP’s non-security status should stand as a victory for the industry. He emphasized that Ripple is prepared to continue the fight to protect this important ruling.

With the appeal now in motion, Ripple’s legal battle is far from over. However, Garlinghouse and his team remain optimistic that their victory will stand, benefiting not only Ripple but also the broader cryptocurrency ecosystem. The SEC has 70 days to file its appeal brief, prolonging the uncertainty for both Ripple and the crypto industry.

Tether’s Uncertain Fate: Ripple CEO’s Alarm on Government Action

by

In the ever-evolving landscape of cryptocurrency, stability is a rare and sought-after commodity. Tether, the world’s largest stablecoin issuer, finds itself at the center of a storm as regulatory scrutiny intensifies. Ripple CEO Brad Garlinghouse’s recent remarks underscore the growing concerns surrounding the token and its potential ramifications for the entire crypto market.

Garlinghouse’s assertion that the U.S. government is “going after” Tether reflects a deepening regulatory focus on the controversial stablecoin. With the token’s role as a linchpin in the crypto ecosystem, any regulatory action against it could send shockwaves throughout the market. The uncertainty surrounding the situation is reminiscent of past black swan events, as Garlinghouse warns of another potential disruption akin to the FTX scandal.

Tether Holdings, the parent company overseeing the issuance of the Tether stablecoin, operates under a cloud of suspicion. Allegations of concealing crypto-linked funds and questions about the adequacy of its reserves have plagued the company for years. Despite periodic assurances and efforts to improve transparency, doubts persist regarding the true backing of USDT.

Tether’s Shadowy Connections

The letter from Senator Cynthia Lummis and Representative French Hill urging the Department of Justice to scrutinize Tether’s activities further adds fuel to the fire. Concerns about potential ties to illicit activities raise serious questions about the token’s compliance and integrity.

In response to mounting pressure, Tether has pledged cooperation with law enforcement and regulatory authorities. However, past controversies, including a multimillion-dollar fine for misleading customers about reserve holdings, have eroded trust in the company’s assurances.

Meanwhile, Ripple is positioning itself to enter the stablecoin market with its own offering in 2024. The company’s plans underscore the growing demand for trustworthy alternatives to the token. With a commitment to transparency and robust backing, Ripple aims to provide a stablecoin solution that addresses the shortcomings of existing options.

As the regulatory spotlight intensifies on Tether, the crypto market braces for potential upheaval. The outcome of this regulatory scrutiny remains uncertain, but one thing is clear, the stablecoin that binds the crypto ecosystem is under strain, and its resilience will be tested in the days to come.

Ripple CEO Reveals Plans to Dominate Stablecoin Market by 2025

by

In a recent interview with Fox Business, Ripple CEO Brad Garlinghouse unveiled the company’s strategic roadmap to seize a substantial portion of the burgeoning stablecoin market. With the impending launch of their US dollar-backed stablecoin, Ripple is poised to make significant waves in the ever-expanding crypto payments landscape.

Garlinghouse highlighted the immense growth potential of the stablecoin market, currently valued at $150 billion, with projections soaring to over $2.8 trillion by 2028. The firm aims to capitalize on this explosive growth by offering a compliant and transparent alternative to existing players like Tether, particularly targeting the regulatory concerns surrounding non-US-based entities.

Screenshot 180 1
Source

Despite regulatory hurdles in the United States, Garlinghouse emphasized the firm’s strong foothold in the international market, with 95% of its clientele comprised of non-US financial institutions. This global presence positions Ripple as a formidable contender in the stablecoin arena, even amidst regulatory uncertainties.

Ripple’s Transparent Reserve

The forthcoming Ripple stablecoin boasts a slew of benefits designed to set it apart from its competitors. Transparency lies at the core of its design, with the stablecoin backed by a reserve of USD and other highly liquid assets, subject to regular audits by a third-party accounting firm. This commitment to transparency instills confidence among users and regulators alike, mitigating concerns regarding asset backing.

Moreover, Ripple’s stablecoin embodies enterprise-grade security features, a hallmark of the company’s blockchain solutions. With a compliance-first mindset, the firm proactively seeks regulatory approval in key jurisdictions, fostering trust and legitimacy within the crypto ecosystem. Garlinghouse’s mention of regulatory approval in Singapore and Ireland underscores the firm’s commitment to operating within regulatory frameworks.

In addition to its robust security and compliance measures, the firm’s stablecoin offers enhanced liquidity on decentralized exchanges (DEX) and multi-chain compatibility. Leveraging XRPL’s native DEX, users can seamlessly trade the stablecoin alongside other assets, bolstering liquidity and accessibility. Furthermore, the stablecoin’s integration with XRPL and Ethereum networks caters to a diverse user base, with plans for future expansion onto other prominent blockchains.

Ripple’s ambitious foray into the stablecoin market represents a pivotal moment for the company and the broader crypto ecosystem. With a clear focus on compliance, transparency, and innovation, Ripple is poised to disrupt the status quo and emerge as a frontrunner in the rapidly evolving world of digital payments. As the ripple effect of their stablecoin reverberates throughout the industry, the firm’s vision for a more inclusive and efficient financial landscape inches closer to fruition.

Crypto Bulls Forecast Massive Gains, with Ripple CEO Eyeing $5 Trillion Market Cap

by

In an interview with CNBC recently, Ripple CEO Brad Garlinghouse predicted that the market capitalization of the cryptocurrency market would exceed $5 trillion this year. Factors driving this spike included, among others, ETFs advent, coming Bitcoin halving and hope for more US friendly policies, according to Mr. Garlinghouse.

This optimism comes from his extensive experience in the world of digital currencies and how various trends come and go amid uncertainty regarding their future. He said ETFs at the macro-level may attract real institutional money into the market for the first time ever. This means that with increasing demand and decreasing supply, what outcome awaits becomes clear.

52056438747 b120b67af8 c

The approval of the first Bitcoin ETFs in January by the Securities and Exchange Commission (SEC) is a tremendous achievement. This made it possible for institutions as well as retail investors to invest without actually owning Bitcoin. Moreover, this year’s halving event, which usually takes place after every four years, will see Bitcoin miners rewarded with fewer Bitcoins as compared to the previous events. The expected outcome is that this should further reduce the supply of Bitcoin.

By April 4th, market value of all cryptos combined was roughly $2.6 trillion. Assuming that Garlinghouse is right about a $5.2 trillion new market cap, then he is predicting an extraordinary development. In March alone, Bitcoin, the leading digital currency, rose by over 140% and hit a new high above $73k. There have been some corrections since then, but it remains the catalyst of most gains in the market.

Ripple CEO Highlights Crypto Regulatory Considerations

While the market has historically been seen as being unfriendly to cryptocurrencies, Garlinghouse said that this might not be the case any longer due to regulatory developments that are happening in the country. It is evident that a lot of optimism is surrounding potential improved regulations and the ensuing benefits for crypto enthusiasts regarding Ripple’s own legal issues since it is involved with the SEC in a security suit.

However, Garlinghouse isn’t alone in his bullish predictions for crypto. Gemini COO Marshal Beard projects Bitcoin at $150,000 before year-end due to several factors such as acceptance, legislation and supply-side drivers. Nevertheless, as the cryptocurrency market continues to evolve and mature investors are bracing for what could be a momentous year characterized by volatility, regulatory shifts and the unrelenting pursuit of new all-time highs.

Related Reading | Coinbase Wins Landmark Legal Battle: Court Rules Secondary Crypto Sales Not Securities

Ripple’s CEO Slams Sensationalism: No Hack, Just Hype

by

Putting all hack rumors to rest, Ripple’s top brass clarified that all users’ wallets are secure and were never compromised. Crypto enthusiasts were rattled when blockchain investigator Zachxbt claimed a massive hack, alleging the theft of 213 million XRP tokens worth over $100 million. Shockingly, the stolen funds were reportedly laundered through prominent crypto exchanges like MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC, among others.

Ripple
Ripple's CEO Slams Sensationalism: No Hack, Just Hype 6

Co-founder Chris Larsen clarified that while unauthorized access occurred in his personal XRP accounts, the integrity of Ripple’s infrastructure remained intact. Exchanges and law enforcement have been informed, emphasizing the secure status of Ripple-managed wallets. CEO Brad Garlinghouse condemned media sensationalism, vehemently asserting, “No Ripple-managed wallets were compromised. Full stop.”

This is an isolated incident, and Ripple wallets are secure / were never compromised. We’ve confirmed nearly all the affected funds were converted out of XRP. We’re working with law enforcement and have been advised that a significant portion of funds have been frozen, and are pursuing the remainder aggressively. Many thanks to XRPLF Silkjaer for their help.

However, concerns were raised about the handling of the situation, with some users urging greater transparency from the firm. Questions were raised about the authenticity of Chris Larsen’s claims, prompting demands for clarity on the control of Genesis-funded addresses.

In a subsequent development, Zachxbt added a note highlighting that the rJNLz3A account, attributed to Ripple, was tagged in XRPScan and Bithomp [XRP block explorers] as the entity representing the company. This revelation brought attention to the omission in the community note regarding Chris Larsen’s role as the co-founder and executive chairman of Ripple.

Amidst the turmoil, there were reports that the wallet linked to the alleged $112.5 million hack was an individual’s account, not an official one. Garlinghouse promised official comments soon to address the developing situation.

Ripple Scams

Simultaneously, social media platforms have been flooded with fraudulent ads promising an XRP “airdrop.” Featuring fabricated statements from Ripple CEO Brad Garlinghouse, these scams exploit AI to deceive users into sending XRP to a designated wallet under the pretense of receiving free tokens.

The deceptive ads, saturating platforms like YouTube and X, use sophisticated AI [deepfake] to mimic Garlinghouse’s speech, though minute inconsistencies in lip movements betray their fraudulent nature. Users are strongly advised to exercise caution, scrutinize information, and verify the authenticity of cryptocurrency-related claims to avoid falling victim to scams.

Ripple Roars: CEO’s Defiant Victory Over SEC Bullying

by

Brad Garlinghouse, the CEO of Ripple, recently celebrated what he views as a pivotal moment not just for his company, but for the entire cryptocurrency industry. The focal point of this triumph was Ripple’s partial victory against the U.S. Securities and Exchange Commission (SEC). In a candid conversation at a Messari panel, Garlinghouse did not mince words when describing the SEC’s tactics as bullying rather than lawful pursuit.

He stressed the importance of standing up against such heavy-handed tactics, likening it to confronting a bully in the schoolyard. Garlinghouse commended industry leaders like Grayscale and Coinbase for their unwavering resistance, acknowledging that not many had the conviction or resources to do so. Highlighting the impact of resilience against overreach, he declared,

“When you stand up to them, they are losing.”

Garlinghouse also recounted how, when Ripple faced legal action in December 2020, some in the industry believed that Ripple and XRP were distinct due to their decentralized nature. However, the firm maintained that it was an attack on the entire crypto space. He noted that this perspective has gradually gained traction within the industry.

Ripple’s “Freight Train” Moment: Judge’s Verdict

Ripple’s standoff with the SEC resulted in a significant, albeit partial, victory. The court ruled that XRP tokens affiliated with Ripple did not qualify as investment contracts, prompting major exchanges to relist the cryptocurrency. Garlinghouse viewed this ruling as a resounding triumph, emphasizing that the SEC had lost on all fronts in terms of what they aimed to achieve. He compared it to a “freight train” dismantling Chairman Gensler’s argument that nearly all cryptocurrencies, excluding Bitcoin, should be classified as securities.

Garlinghouse pointed out,

“Now, we clearly have a federal judge saying XRP is not a security.”

In conclusion, Brad Garlinghouse’s perspective on Ripple’s legal battle against the SEC sheds light on a broader issue within the cryptocurrency industry: the need to stand up against regulatory overreach. The firm’s victory, as he sees it, not only vindicates his company but also sets a precedent for others in the crypto space to resist bullying tactics and assert their rights. It remains to be seen how this landmark ruling will influence future regulatory discussions surrounding cryptocurrencies.

Ripple’s Legal Ripple: 80% Global Hiring Amidst SEC Battle

by

Ripple Labs is charting a bold new course in the world of cryptocurrency, with CEO Brad Garlinghouse announcing that over 80% of the company’s hiring in the current year will take place outside the United States. This strategic move comes at a time when Ripple finds itself locked in a protracted legal battle with the Securities and Exchange Commission (SEC) on home turf.

Screenshot 49
Brad Garlinghouse, Ripple CEO

The decision to expand the firm’s global workforce reflects the company’s confidence in jurisdictions that have embraced the crypto industry with open arms. Garlinghouse highlighted nations such as Singapore, Hong Kong, the UK, and Dubai as prime examples of places where governments are actively collaborating with the crypto sector. They are providing clear regulatory frameworks that foster innovation and growth, attracting companies like Ripple to set up shop on their shores.

This move also underscores the challenging regulatory landscape the firm faces in the United States. The SEC, under the leadership of Chair Gary Gensler, has been intensifying its scrutiny of digital assets since the market turbulence of 2022, which witnessed the downfall of entities like the FTX exchange. Gensler’s stance categorizes most tokens as securities, subject to the agency’s oversight. Meanwhile, progress in Congress toward establishing clear crypto regulations has been slow and arduous.

Ripple’s $100M Fight for XRP Legitimacy

Ripple’s legal battle with the SEC began in 2020 when the agency alleged that the XRP token should have been registered as a security. The company vehemently disagreed, leading to a drawn-out courtroom saga. Garlinghouse revealed that the firm has spent over $100 million in legal fees thus far but remains optimistic about prevailing in the case. He expressed confidence in the face of adversity, suggesting that the SEC is persisting in a battle it has essentially lost.

Speaking from Singapore, where he attended a crypto conference, Garlinghouse’s remarks signal Ripple’s determination to flourish beyond American borders. This strategic expansion not only diversifies Ripple’s workforce but also positions the company in more favorable regulatory climates, allowing it to continue its mission of revolutionizing global payments through blockchain technology.

In conclusion, Ripple Labs’ decision to channel its hiring efforts overseas reflects its proactive approach to navigating a challenging regulatory landscape in the United States. By tapping into crypto-friendly jurisdictions, the firm aims to secure its foothold in the ever-evolving world of digital finance, while confidently facing its legal challenges at home.

Ripple’s Top Execs Signal Unavailability For Q2 2024 Trial

by

The ongoing saga surrounding Ripple’s top executives, Brad Garlinghouse and Chris Larsen, has taken an unexpected turn. Legal representatives for both individuals have formally notified Judge Torres of their clients’ unavailability during a crucial period in the upcoming year.

With the legal battle poised to take center stage in the second quarter of the upcoming year, all eyes were on the trial’s timeline. The dates in question span from April 1st to April 14th, 2024.

The rationale behind the decisions can stem from diverse factors, spanning from personal obligations to strategic choices intended to shape the trial’s trajectory. However, the absence of the two influential figures during the designated trial period has fueled speculation.

image 54
Ripple's Top Execs Signal Unavailability For Q2 2024 Trial 9

A few days ago, Ripple’s CEO bolstered his legal team by enlisting the expertise of two esteemed attorneys from the renowned law firm Cleary Gottlieb Steen & Hamilton LLP. These accomplished lawyers have formally indicated their intention to represent Brad Garlinghouse in the ongoing legal matter unfolding within the United States District Court for the Southern District of New York.

Attorney Michael A. Schulman, one of the newly onboarded legal practitioners, submitted a motion for Pro Hac Vice, a legal term that signifies an attorney’s request to practice law in a jurisdiction where they do not hold a regular license. Concurrently, Attorney Caleb J. Robertson has made an official request to appear as legal counsel for Garlinghouse in the same legal proceedings.

Ripple’s High-Stake Drama Hangs In Limbo

With this, the stage is set for a legal showdown as Ripple, a blockchain technology company known for its digital payment protocol and its association with the XRP token, faces regulatory scrutiny. Among the key players in this high-stakes drama are Brad Garlinghouse, the CEO of Ripple, and Chris Larsen, the company’s co-founder and former CEO.

The outcome of this trial could have far-reaching ramifications for the sector, influencing regulatory approaches, market perceptions, and the future trajectories of not only Ripple but also the larger blockchain community.

As the calendar inches closer to 2024, one thing is certain: the Ripple trial’s progression is set to be as riveting and unpredictable as the cryptocurrency landscape it inhabits. But now the defendants’ unavailability on the scheduled timeline might be potentially causing delays, adjustments, and a reevaluation of the trial’s trajectory.

Ripple CEO Said This Ahead Of Hinman Docs Release

by

As the Ripple/XRP lawsuit enters the crucial July 13 deadline with the Hinman docs soon to be revealed, one community member was keen to hear Ripple CEO Brad Garlinghouse’s thoughts on the event.

Garlinghouse acknowledged the 18-month delay and expressed a desire to give into more detail but did not want to “overstep” this important public disclosure. He and legal officer Stuart Alderoty also felt that the wait had been well worth it.

The XRP community is waiting with bated breath as the much-anticipated date has passed, and the SEC is now required by court order to make available the unedited copies of each email Hinman sent or received between 9 AM EST and 12 PM EST.

The controversy surrounding the documents centers on William Hinman, a former SEC director, and a contentious speech he delivered in 2018 in which he asserted that Ethereum, like Bitcoin, was “sufficiently decentralized” and was thus immune from federal securities law.

In Ripple’s argument, Hinman seemed to prefer “two winners” in the cryptocurrency space, namely Bitcoin and Ethereum, at the expense of XRP, in his public remark.

Additionally, the SEC’s request to seal the documents under the guise of shielding witnesses from potential abuse has given the defendants more reason to push for their release because they think doing so will help shed light on the legal standing of Ripple-affiliated XRP token.

To recall on May 16, the U.S. District Court’s Judge Analisa Torres rejected the SEC’s request to have the Hinman documents sealed.

Ripple: All Eyes On Hinman Emails

SEC argued that the documents should be sealed because of the “clear lack of relevance of these documents to the summary judgment motions” and because their disclosure “would be highly prejudicial” to the commission.

Judge Torres ruled that Hinman docs “are judicial documents subject to a strong presumption of public access” because they are “relevant to the performance of the judicial function and useful in the judicial process.”

Nevertheless, the documents’ upcoming unsealing is being eagerly followed by the crypto community at a time when the US regulator has launched some of the strongest legal offensives against major figures in the digital asset market.