The CEO of Ripple Labs, Brad Garlinghouse, has called on the US regulators to embrace the crypto innovation as the country is falling behind China in the digital currency innovation. China has continued with the development of its central bank digital currency, to the extent of conducting real-world pilot tests of its digital yuan in some cities. These digital yuan trials involve partners like McDonald’s, Subway, and Starbucks and are being carried out in four of China’s major cities.
This piece nails it. One caveat – public digital assets like XRP are not exempt from U.S. (or global) financial oversight — actually the opposite. Responsible players who use these assets want to work with regulators, not against them. (2/2)
— Brad Garlinghouse (@bgarlinghouse) May 26, 2020
Ripple CEO urges US authorities to embrace digital currency innovation.
As the trade tensions between China and the USA reach fever pitch, Ripple’s CEO Brad Garlinghouse is urging US regulators to look to digital currencies. The CEO in a two-part tweet shared an article entitled “Could China’s Digital Currency Unseat the Dollar?” As reported earlier, China’s central bank has accelerated its work on its central bank-issued digital currency dubbed as DC/EP to facilitate post-COVID-19 stimulus. The digital yuan initiative has been in the works for over five years now, and the People’s Bank of China is getting close to make it a reality. Several experts from the industry believe that the Chinese digital yuan could threaten the already weaken global dominance of the US Dollar.
“China’s grip on fiat and crypto payments is getting stronger.”
Ripple CEO Brad Garlinghouse said that as the US remains complacent about digital currency innovation, China’s grip on both crypto and fiat payments becomes stronger. The Ripple CEO has long been a strong advocate of regulatory clarity in the crypto industry, especially for Ripple’s digital currency, XRP. As reported previously, Ripple Labs was the first crypto-related company to open an office in Washington, DC, so that it could build closer ties with lawmakers. Referencing the article, Garlinghouse asserts that public digital currencies like XRP are not exempt from US or global financial oversight. He also emphasized that crypto company executives want to work with regulators and not against them.
