Ripple CEO Optimistic Crypto Industry Will Be Stronger After FTX Fiasco if Transparency and Trust Remain Its Focus

The CEO of Ripple Labs, Brad Garlinghouse, believes that the crypto industry will come out stronger after the FTX meltdown if transparency and trust remain its key focus. He stressed the importance of having “honest conversations about solving real-world problems with crypto and blockchain.”

The CEO of Ripple Labs, Brad Garlinghouse, shared his opinion Wednesday on the crypto industry’s recovery following the collapse of FTX during Ripple Swell, an annual conference held by Ripple. FTX filed for Chapter 11 bankruptcy last week.

Reiterating what he said on stage at the conference, Garlinghouse tweeted:

I firmly believe that crypto will be stronger because of this if we keep focusing on transparency and trust. Ripple has and will continue to lead in this regard.

“With all that’s happening in the past few weeks (and over the course of this year’s ups and downs), it feels even more imperative that we’ve gathered together in person to have honest conversations about solving real-world problems with crypto and blockchain,” he wrote in a follow-up tweet.

Garlinghouse told CNBC Wednesday that the idea that crypto is not regulated is “overstated,” adding:

Crypto has never just been sunshine and roses and as an industry, it needs to mature … Transparency builds trust.

Ripple is currently seeking a license in Ireland to drive EU expansion, the company’s general counsel, Stuart Alderoty, told the news outlet Friday.

The firm’s European expansion drive comes in anticipation of a new regulatory framework provided by the Markets in Crypto-Assets (MiCA) bill, which seeks to align rules on crypto assets across EU countries. “I think MiCA’s a very good start,” Alderoty said.

Regarding the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple, Garlinghouse, and co-founder Chris Larsen over the sale of XRP, both Alderoty and Garlinghouse expect a ruling on the case to arrive in the first half of 2023. Final legal briefs are due by Nov. 30, after which a judge can either make a ruling or refer it to a jury trial. “We are at the beginning of the end of the process in our case,” Alderoty opined.

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