Ripple executives Brad Garlinghouse and David Schwartz addressed Cardano founder Charles Hoskinson’s recent claims regarding the CLARITY Act and XRP. The CEO reiterated his company’s commitment to the XRP community and suggested that the community could benefit from it when the company eventually goes public.
Ripple’s former CTO comments on CLARITY Act amid criticism of XRP
Former Ripple CTO – said David Schwartz understands the position of the founder of Cardano that it is better to have no account than one that does not fully support innovations in the cryptocurrency industry. However, he noted that it is crucial to provide transparency around digital assets now, which is why he and the payments company remain supportive CLARITY Acteven though the bill may not be perfect.
The former technical director admitted that the dispute over the stablecoin profitability text in the CLARITY Act does not specifically concern them, as they are currently primarily focused on serving corporate clients. However, he added that their intention is not to slam the door on competition, which is why he respects those who insist on introducing certain provisions in the Cryptocurrency Act. The Cryptocurrency Bill is expected to provide regulatory clarity for crypto assets such as XRP, which is also a boost for Ripple.
Schwartz also commented on the situation founder of Cardano claims that any novel cryptocurrency can be considered a security under the Cryptocurrency Act. The former CTO indicated that this is a possibility, but it is not a goal that he or Ripple wants to achieve as they fully support innovation. He noted that while Bitcoin, Ethereum, XRP and other existing cryptocurrencies are trying to introduce novel technology, other novel technologies may emerge.
Therefore, he believes that innovation is the key to the development of the cryptocurrency industry. Rather than slamming the door on competition, Schwartz believes it’s crucial for existing crypto projects to continue to improve their technology to keep pace with any novel projects that may emerge.
Ripple CEO reaffirms commitment to the XRP community
Ripple CEO Brad Garlinghouse reiterated his company’s commitment to the XRP community after Cardano’s founder warned that Ripple’s activities do not benefit XRP investors. Talking at XRP conference in Las VegasGarlinghouse noted that Ripple is still the largest holder of XRP, so it benefits when the token becomes successful.
Ripple’s CEO also reiterated that XRP remains their “north star” and that he is fully committed to the development of the token, with the company specifically integrating it into its novel products. He revealed that they have no plans to go public in the near future, but joked that they may have something planned XRP Investors when will it happen.
At the time of writing, XRP is trading around $1.40, which the data shows is up over 2%. data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
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