During a recent Fox Business interview, Ripple CEO Brad Garlinghouse noted that XRP has managed to weather the recent crypto market mayhem better than leading altcoin competitors.
For instance, it performed better than Ethereum (ETH), its leading competitor.
He added that the market’s focus will increasingly move toward assets with real-world applications. “The more we demonstrate real practical utility using technologies to solve real problems, more you see that play out in a positive way,” he said.
XRP is currently down 61.5% from its all-time high of $3.65, according to CoinGecko.
The uncertainty surrounding CLARITY Act
The Ripple executive attributed a portion of the recent market sell-off to legislative gridlock in Washington. The market experienced a significant correction after the digital asset market structure bill failed to pass the Senate.
“As the Clarity Act got pushed, stalled, late January, that did not help,” he explained.
As reported by U.Today, White House officials are actively stepping in to broker a compromise between the crypto industry and traditional banking lobbies over stablecoin rewards. In the meantime, Garlinghouse urged his peers not to hold up the legislation over minor details.
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“Our position is very much don’t let perfection be the enemy of progress. No bill is perfect,” he stated. Recalling Ripple’s own prolonged legal battles with the SEC, he stressed that the broader sector needs regulatory certainty to survive. “The industry can’t live in limbo, so our argument Clarity Act needs to get done to be industry thrives in the United States.”
He also took aim at the previous administration’s regulatory approach, declaring, “The war Biden administration waged on crypto failed in courts,” he said.
Wall Street convergence
Garlinghouse recently noted a significant change in how traditional financial institutions view digital assets.
Commenting on the recent pro-crypto remarks from legacy banking executives like Goldman Sachs CEO David Solomon, he acknowledged a new era of adoption.
“Tides changed significantly,” Garlinghouse said. “That means traditional financial industry is coming into the crypto industry. More and more, they wanted to make sure for them to compete, they have those clear rules of the road.”
Ripple has spent roughly $3 billion since 2023 acquiring companies to expand its treasury management and prime brokerage services. Garlinghouse sees a growing appetite among corporate executives to integrate crypto directly.
“More companies are saying, ‘We want exposure to this. asset class on our balance sheet,” he noted.
However, after aggressive expansion, the CEO confirmed that Ripple will focus on integrating its new acquisitions rather than buying more companies in the immediate future. “Going to slow down, before we speed up,” he concluded.