“Crypto adoption must focus on the development of real use cases” – DiarioBitcoin

For Brad Garlinghouse, the most important thing to achieve in the crypto industry is that these assets solve current problems among users, and he highlighted that this is where efforts must be deepened.

***

• Brad Garlinghouse spoke about the current challenges for crypto adoption
• He assured that the biggest challenge is addressing real problems
• He indicated that the industry should focus primarily on the development of use cases
• He also criticized the hostility with which the US government acts against cryptocurrencies.

The CEO of Ripple LabsBrad Garlinghouse, assured that the mass adoption of cryptocurrencies must focus on one key aspect, and that should be the development of real use cases.

Find the utility

Garlinghouse’s reading came to place during his participation in the event XRP Ledger Apex 2024, where he shared space with the company’s CTO, David Schwartz. There he shared some insights into the current state of crypto adoption, noting that users are really interested in problems being addressed, rather than specifying what type of technology is being used.

In this regard, Garlinghouse indicated:

One of the things I certainly talk about a lot in the crypto macro ecosystem is that we need to focus on utility. We have to focus on the problems… And I think certainly what Ripple is trying to do is treat it that way. Be clear about who our client is. Be clear about what problem we are solving for them.

These details come into place in the midst of the plans carried out Ripple for the launch of new products and services that go beyond the business sphere. For example, months ago, the company indicated that it intended to launch its own stablecoin pegged 1:1 to the US dollar, which will be 100% backed by dollar deposits, short-term US government bonds and other cash equivalents.

The token will be aimed primarily at business clients and banking institutions, and will seek to address the needs of this sector. With this in mind, the company will maintain a “compliance first mentality“, seeking to obtain the required permits and licenses in each jurisdiction where the token is offered.

Hostile regulators in the US

After highlighting the value of usefulness and effectiveness in solving problems, Garlinghouse lamented that the US has fallen behind other countries in regulatory matters, arguing that the lack of clear standards affects the industry in general.

In this regard, the CEO of Ripple assured that the US market is lagging behind in regulatory matters, assessing that XRP would be in such a unique position (in a positive sense) and not been able to exploit his full potential. He reiterated that said currency is not a value, and that he does not know how other digital currencies with which greater spaces are sought will fare, referring to ETFs. Ethereum cash.

Regarding the position of the regulators, Garlinghouse stated:

It’s very frustrating. It’s not just about the SEC (U.S. Securities and Exchange Commission). The current US administration, with Gary Gensler as head of the SEC, has been quite hostile towards cryptocurrencies.

Let us keep in mind that Ripple currently maintains an ongoing process with the SEC, and although the dispute has already concluded, the company debates with the regulator the sanction that will be applied for non-compliance with certain laws during the pre-sale of XRP among institutional investors.

Currently the SEC seeks a fine close to USD $2,000 million, while the company refutes and proposes that it does not exceed USD $10 million. The decision remains in the hands of the responsible judge, who will make the decision in the coming days.

Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.