This year’s dramatic downturn in the cryptocurrency market was the focus of a DC Fintech Week conference panel. The discussion offered some perspective on the upheaval that began in the spring and has lasted into Q3.
During the DC Fintech Week conference, Ripple CEO Brad Garlinghouse Brad Garlinghouse fired a shot that will be heard worldwide. He decodes the actual reason behind the reluctance of U.S. banks to fully embrace cryptocurrencies, especially XRP, despite recent legal victories over the SEC.
Despite the favorable rulings, Garlinghouse highlighted that U.S. banks are hesitant due to the broader governmental stance, emphasizing that prominent institutions won’t engage meaningfully until there’s a more crypto-friendly environment from the U.S. government.
Hypocrisy Revealed
The Ripple CEO pointed out concerns about perceived hostility from entities like the Options Clearing Corporation (OCC).
According to him, U.S. banks are cautious, saying, “Even though you won the case, the United States government is still hostile towards crypto. The OCC is hostile towards crypto.”
Yassin Mobarak, founder of Dizercapital, echoed this sentiment, suggesting that a change in the administration might be needed for substantial crypto adoption in the U.S.
An Urgent Call for Change
Looking at the broader perspective, he expressed concerns about the U.S. losing its leadership role in the crypto industry to countries with more transparent policies and a more welcoming environment for crypto-related investments. He questioned the rationale of expanding operations in the U.S. when faced with a challenging operational environment and reiterated Ripple’s plans to focus on growth outside the country.
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Despite these challenges, Garlinghouse remains hopeful that the U.S. will establish a more favorable regulatory framework for crypto in the next decade. The cautious approach of U.S. banks stands in contrast to global counterparts adopting more straightforward crypto policies, potentially impacting the U.S.’s standing in the crypto industry.
A Crypto Rally is Coming!
Ripple CEO Brad Garlinghouse acknowledged the substantial growth of the crypto market, noting a 20 to 30% increase this year, pushing its valuation to approximately $1.3 to $1.4 trillion. Despite XRP’s positive momentum, he humorously admitted to lacking a “magical window” to decipher crypto price movements, expressing a preference for a long-term perspective in navigating the volatile market. On the flip side, he said Bitcoin exceeded its pre-Terra crisis levels after 18 months.
As the crypto rollercoaster zooms past the latest crash, XRP is riding high on ETF hype gains. It’s a wild ride in the crypto world – literally anything could happen. Stay prepared!
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