Ripple CEO Brad Garlinghouse said during a fireside chat at Korea Blockchain Week (KBW) in September that a new U.S. dollar-pegged stablecoin, Ripple USD (RLUSD), will be launched “within a few weeks,” according to The Block. He emphasized that the stablecoin RLUSD has been minted and is in the closed testing phase and is expected to be officially launched "within a few weeks."
Ripple will launch a new stablecoin RLUSD which is in the testing stage
In August 2024, Ripple announced that it had begun testing RLUSD on two blockchain networks. In June 2024, Ripple President Monica Long said that RLUSD was designed to expand the use of the XRP token. Garlinghouse mentioned: “About 18 months ago, USDC decoupled from the U.S. dollar, and we felt that this was a great opportunity for players who already cooperated with many financial institutions and had high trust to enter the market.”
The current stablecoin market is dominated by USDT and USDC. According to data, USDT accounts for 70% of the total supply of stablecoins, while USDC accounts for 21%.
Ripple will not conduct an IPO in the United States as the SEC continues to suppress the industry
During the conversation, Garlinghouse was asked whether Ripple would conduct an initial public offering (IPO) in the United States. He said that "Ripple has no interest", mainly due to the "hostile and suppressive" attitude of the U.S. Securities and Exchange Commission (SEC) towards cryptocurrencies. He mentioned: "The SEC approved Coinbase to be listed in the United States, but now it is suing Coinbase for the same reason. My first advice to cryptocurrency entrepreneurs is not to register a company in the United States, you will only spend money on litigation. .
(Considering IPO outside the United States, Ripple CEO: The SEC will only evaluate listing in the United States after changing its chairman)
Ripple criticizes SEC chairman for losing bipartisan support
Talking about the upcoming US presidential election, Garlinghouse said that no matter who is elected, cryptocurrency will still be the winner. He believes that the SEC will usher in new management in the future and criticized current SEC Chairman Gary Gensler's actions as hurting the Democratic Party.
"Gensler is a Democrat, and I think his actions have had a negative impact on his party this election cycle," he said. "And I, at both the Democratic National Convention and the Republican National Convention, heard a lot of that." "Clear and clear" voice. "
He also said that based on his interactions with members of the U.S. Congress, SEC Chairman Gary Gensler has lost support from both parties.
Ripple sees light $125 million fine as victory
In August 2024, Ripple was fined $125 million in a years-long legal battle with the SEC, which was far less than the $2 billion fine originally proposed by the SEC. Garlinghouse viewed the ruling as a victory for Ripple, especially since the court previously determined that the sale of XRP tokens did not violate securities laws.
Garlinghouse even said: "Few companies can stand up to such bullying. The SEC has a lot of power, and fighting it requires a lot of money and perseverance. From the beginning, we believed we were right, and we I will stand on the right side of the law and history.”
Comments on OpenSea’s enforcement action as “regrettable”
Garlinghouse also mentioned that the SEC’s recent enforcement action against NFT platform OpenSea was “regrettable.” He said: "The SEC's position is that NFTs are securities. But there has been precedent that traditional works of art are not securities. Just because someone may use art as a means of speculation, but the price will increase, that does not mean that it is a security. So. I think the SEC will lose this case.”
He also added: "Ripple has spent more than $150 million fighting for its own rights, and not every company has that much money. This is really difficult for OpenSea."
(OpenSea CEO responds to SEC securities investigation, allocates 5 million Mg to protect NFT creators)
(How should OpenSea fight back against the SEC? The unfair investigation should treat big brands such as Disney equally)
Optimistic about cryptocurrency in the next five years and believes FIT 21 will have a positive impact
Despite these challenges, Garlinghouse is more optimistic than ever about the future of cryptocurrencies over the next five years. He pointed out: "We may be able to get legislative support again, but it will not come from the SEC, but from our elected officials." He mentioned the FIT 21 Act (Financial Innovation and Technology for the 21st Century Act) , believes that this legislation will have a positive impact on the U.S. cryptocurrency industry.
("The currency circle may be able to shirk its responsibilities indefinitely!" SEC Chairman Gary Gensler condemned the crypto market bill FIT21 before the parliamentary vote)
This article Ripple’s future outlook | The new stablecoin RLUSD is about to be launched, stick to the faith and not be afraid of the SEC first appeared on Chain News ABMedia.
