Weiss Crypto Rating has responded to Ripple, CEO Brad Garlinghouse on his statement regarding the need for banks to join the cryptocurrency industry to get the sector moving to create speedy global adoption.
The CEO of Ripple is not interested in making banks irrelevant. He said he is working on quashing the qualms of bankers so as to get them acquainted with everything cryptocurrency.
Brad, during an interview on CNN, made the disclosure, saying “once regulators understand you’re not circumventing regulatory frameworks, they get very comfortable very quickly.”
Garlinghouse said someone told him at the World Economic Forum in Davos that “crypto is still a bad word here.” Brad linked the reasons behind the negative overview of the cryptocurrency industry to the way traditional financial experts view cryptocurrency in general.
According to him, his work is to follow every regulatory guideline and explain to bankers that cryptocurrency solves real-world issues.
“A lot of what I am doing is meeting with regulators, meeting with very senior people at banks and explaining to them how crypto can be used, specifically how XRP – can be used to solve a real problem, not to circumvent regulation.”
Responding to Brad on the claim, Weiss quoted Brad as saying compliance is necessary to get the necessary cryptocurrency adoption. Countering the claim, Weiss said cryptocurrency industry does not need bankers for any single reason.
The cryptocurrency rating platform said Bitcoin and other cryptocurrencies are meant to replace banks and not to relate with them in any sense.
However, Weiss suggested that Brad and his company, Ripple Labs Inc., keep on seeking crypto compliance with banks.
Weiss said: “Ripple CEO Brad Garlinghouse said that stressing compliance is key to getting bankers on board with crypto. We don’t need bankers to get involved in the crypto. Maybe he and his company do, but the space doesn’t. Crypto doesn’t need banks, because crypto will replace them.”
Weiss, beyond this, had accused Ripple of dumping XRP price on bag holders, saying the action will not increase the adoption and price of the digital currency.