Ripple CEO Brad Garlinghouse stated that Ripple does not have “a big dog in this fight” when it comes to the Clarity Act during a recent appearance at the FII PRIORITY Miami summit.
The company is remaining on the sidelines of the ongoing clash. “I do think that having this White House support the Clarity Act and push it forward has been profound,” he said.
Still, the Ripple boss is convinced that the bill will eventually be passed despite crypto exchange Coinbase rejecting the most recent compromise.
“People are annoyed. They are exhausted. So, hopefully we get something done,” he added.
Garlinghouse has also recalled that XRP has been officially recognized as a commodity by the SEC and CFTC alongside a slew of assets, stressing that there is already some clarity.
No need for 50 USD stablecoins
Stablecoin yields are at the center of the ongoing fight between the crypto industry and traditional banks.
During his Thursday appearance, Garlinghouse stated that there is no need for 50 USD-based stablecoins. “My head starts to hurt if you think about the proliferation,” Garlinghouse said.
“Part of the story that is kind of unknown is that…we were minting 20% of all $USDC,” he said.
Given that Ripple was the leading minter on the network, Garlinghouse said that it would be logical for the stablecoin giant to launch its own stablecoin. This was also during the time when $USDC temporarily de-pegged from the dollar during the collapse of Silicon Valley Bank.
Due to its impressive balance sheet, Ripple is in a position to have a “very compliant” and a very “institution-focused” stablecoin.
“We need the industry to lean into that kind of transparency,” Garlinghouse said.