Ripple CEO Brad Garlinghouse, during a conversation at South Korea Blockchain Week, announced that Ripple’s new stablecoin, Ripple USD (RLUSD), pegged to the US dollar, is on the verge of being launched within weeks. Garlinghouse also made harsh remarks about the US Securities and Exchange Commission (SEC) in his speech.
RLUSD Coming Very Soon
Speaking in Seoul, Garlinghouse confirmed that the stablecoin is currently in a closed beta phase and emphasized that the company is ready for the launch, stating, “We are in a special kind of closed beta phase. RLUSD has been minted within this framework. It will definitely be released soon. Not weeks or months later.”
The announcement came after Ripple tested RLUSD on two Blockchain networks, aiming to complement Ripple’s existing XRP coin. Garlinghouse highlighted the timing of this development, noting that the withdrawal of USDC from the market 18 months ago provided Ripple an opportunity to establish itself as a reliable player in the stablecoin market, currently dominated by USDT and USDC with market shares of 70% and 21%, respectively.
Criticized the SEC
Despite the significant opportunities Ripple will capture with RLUSD, Garlinghouse expressed disinterest in an initial public offering (IPO) in the US, citing the SEC’s hostile attitude towards the crypto industry. Pointing to the SEC’s contradictory actions, such as approving Coinbase’s IPO and later suing the exchange, he advised entrepreneurs against starting crypto companies in the US due to the regulatory environment.
The Ripple CEO predicted that the leadership at the SEC would likely change regardless of the outcome of the upcoming US presidential elections, sharing his outlook on the overall crypto market. He criticized the current SEC Chairman Gary Gensler, claiming that his actions negatively impacted both his party and bipartisan support.
Garlinghouse also described the SEC’s enforcement action against the NFT marketplace OpenSea as “unfortunate” and argued that NFTs should not be classified as securities. He expressed optimism about the future of crypto, referencing the potential for new legislative clarity driven by elected officials rather than regulatory agencies.
Called Court Decision a Victory
Addressing Ripple’s own legal battle against the SEC, Garlinghouse celebrated the recent court ruling that ordered Ripple to pay a $125 million fine, significantly lower than the $2 billion proposed by the SEC. He called the decision a victory and reiterated his belief that Ripple is on the right side of the law.
