Ripple executives Brad Garlinghouse and David Schwartz have addressed recent claims made by Cardano founder Charles Hoskinson on the CLARITY Act and XRP. The CEO reiterated his company’s commitment to the XRP community and suggested that the community could benefit when the company finally goes public.
Former Ripple CTO Comments On CLARITY Act Amid XRP Criticisms
Former Ripple CTO David Schwartz said he understands the Cardano founder’s position that it’s better not to have any bill than to have one that doesn’t fully support innovation in the crypto industry. However, he remarked that it was important to get clarity for digital assets now, which is why he and the payment firm continue to support the CLARITY Act, even though the bill might not be perfect.
The former CTO admitted that the clash over the stablecoin yield text in the CLARITY Act doesn’t exactly concern them since they mainly focus on serving enterprise clients at the moment. However, he added that their intention isn’t to slam the door on the competition, and so, he respects those pushing for certain provisions in the crypto bill. The crypto 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 Cardano founder’s claims that every new crypto could be considered a security under the crypto bill. The former CTO indicated that this was a possibility, but that this isn’t what he or Ripple is looking to achieve, as they fully support innovation. He noted that while Bitcoin, Ethereum, XRP, and other existing cryptos seek to introduce new technology, other new technologies may emerge.
As such, he believes that innovation is key to the crypto industry’s growth. Instead of slamming the door on competitors, Schwartz believes that what is important for these existing crypto projects is to continue improving their technology to keep pace with any new projects that may emerge.
Ripple CEO Reiterates Commitment To XRP Community
Ripple CEO Brad Garlinghouse reiterated his company’s commitment to the XRP community after the Cardano founder warned that Ripple’s operations don’t benefit XRP investors. Speaking at the XRP Las Vegas conference, Garlinghouse noted that Ripple is still the largest XRP holder, so it benefits from it when the token succeeds.
The Ripple CEO had also reiterated that XRP remains their “North Star” and that they are fully committed to the token’s growth, with the company notably integrating it into its new products. He revealed that they have no plans to go public anytime soon, but teased that they may have something in store for XRP investors when that happens.
At the time of writing, the XRP price is trading at around $1.40, up over 2% according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
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