For more than a year now, Ripple has been in a legal dispute with the US Securities and Exchange Commission (SEC) over its cryptocurrency XRP. Recently, Ripple had seen a slight upswing in this process. CEO Brad Garlinghouse had called 2021 “the best year ever for XRP” despite the ongoing SEC lawsuit. Against this background, the current statements by the Ripple boss must also be seen.
During a background discussion at the Blockchain Week Summit in Paris, Garlinghouse said that the crypto market is suffering from the focus of some large players on individual crypto currencies such as Bitcoin. “I don’t think the polarization is healthy,” Garlinghouse said. He himself owns both Bitcoin and Ether and some other digital currencies and is sure that the crypto industry will continue to be successful.
The former Yahoo executive also compared the current situation in the crypto market to the dot-com era in the late 1990s and early 2000s. Back then, Yahoo was able to be just as successful as Ebay because they tried to solve different problems. There have been different use cases, users and markets – similar to cryptocurrencies today, Garlinghouse explained, according to CNBC.
Garlinghouse criticized the fact that a strong following had formed around some cryptocurrencies such as Bitcoin, but also Cardano or Shiba Inu. These hardcore fans are also known as “maximalists”. They include Twitter co-founder Jack Dorsey and Microstrategy boss Michael Saylor, who explicitly support Bitcoin. For Garlinghouse, this is a particular problem when it comes to influencing legislation for the benefit of the crypto market as a whole. Garlinghouse said he was shocked by the lack of coordination within the crypto industry in Washington.
According to the Ripple CEO, the focus on Bitcoin or other individual cryptocurrencies is slowing down the overall market, which is worth trillions. As a whole, the crypto industry could better oppose the legislators.