The CEO of Ripple is confident that after the collapse of Terra, the cryptocurrency market will need to provide the most comprehensive information about the financial resources of projects in order to regain confidence.
Brad Garlinghouse in an interview with Fox Business at the World Economic Forum in Davos declaredthat after the collapse of the UST stablecoin, transparency has become a “critical value” for the industry.
Garlinghouse is not personally involved in the development of the stablecoin Tether (USDT), but at the same time believes that this project and the entire crypto industry as a whole could succeed if it provided investors with clarity on its financial capabilities and resources.
For the issuer, this would ensure users that the stablecoin is “virtually backed by the dollar.” Garlinghouse cited Ripple’s XRP cryptocurrency as an example of a transparent project and stated that the team has done everything possible to “be responsible in the financial sector.”
However, the Securities and Exchange Commission (SEC) does not believe that Ripple is a cryptocurrency project with a transparent investment system. For several years, the SEC has been in a legal battle with Brad Garlinghouse, accusing Ripple of distributing XRP as an unregistered security and manipulating the cryptocurrency market.
Source: Bits
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