- Criticizes U.S. regulations, comparing unfavorably with crypto-friendly policies in Dubai, the UK, Singapore, and the European Union.
- Advocates for U.S. policy reform to foster innovation and compliance, emphasizing the need for a supportive regulatory framework.
In a FOX Business interview, Brad Garlinghouse, CEO of Ripple Labs, stated that his earlier prediction that the cryptocurrency market would reach a capitalization of $5 trillion by the end of the year might have been an underestimate.
Covered a lot of ground with @MorningsMaria today – the BTC halving, my predictions for the crypto market by EOY, how pro-innovation policies in the US will prevail (step 1 – replace the SEC leadership and step 2 – Elizabeth Warren’s staff should read some actual facts on crypto… https://t.co/1EB59xUB7J
— Brad Garlinghouse (@bgarlinghouse) April 18, 2024
Garlinghouse pointed out that the current market cap is about $2.5 trillion and suggested that it might double by the end of 2024, propelled by a reduction in Bitcoin’s supply and increased demand.
During the discussion, Garlinghouse observed that the cryptocurrency market has grown by 60% since the beginning of 2024, with Bitcoin itself increasing by 250% in the same timeframe. Despite this growth, Bitcoin’s price has recently fallen from a March peak of $73,350 to a current value of $63,393.78.
Related: Ripple’s Showdown: SEC Response Deadline Nears – XRP Price Eyeing $1 Milestone
Garlinghouse identified several factors that could further influence Bitcoin’s price and the broader cryptocurrency market. These include the potential introduction of spot Bitcoin ETFs and the anticipated Bitcoin halving event. He expressed optimism about the impact these could have on the market’s expansion.
Moreover, Garlinghouse criticized the regulatory environment in the United States, suggesting that it hampers the growth of the cryptocurrency sector. He compared the U.S. unfavorably with Dubai, the UK, Singapore, and the European Union, which he views as more advanced in crypto legislation. He highlighted the SEC, under the leadership of Gary Gensler, as being particularly restrictive.
Read more: Ripple Redefines Finance: XRP Lending Protocol Shakes Up DeFi
The Ripple CEO also mentioned criticism from U.S. politicians like Senator Elizabeth Warren, who he believes have negatively impacted the crypto industry.
Garlinghouse called for the U.S. government to adopt policies that are both innovation-friendly and compliant with regulations, arguing that such measures are essential for economic growth and maintaining competitiveness in the global cryptocurrency arena.
