Since the rally period in the cryptocurrency sector in 2021, one of the ongoing topics has been blockchain technology and solution-oriented projects. While many participants in the crypto sector continue to advocate for a single blockchain network they prefer, some blockchain enthusiasts believe that the future will consist of multiple interconnected blockchain networks.
During the opening speech of the Ripple Swell 2023 event held in Dubai, Ripple CEO Brad Garlinghouse made various statements that caught the attention of participants. He mentioned that many members of the community identifying themselves as maximalists have been discouraged by this perspective. According to the Ripple CEO, the world will shift towards a multi-chain domain. He stated the following:
“I am very optimistic about several ongoing developments in the crypto market. While I actively discourage people from being maximalists about any particular crypto, I believe in a multi-chain world.”
Garlinghouse also discussed factors that he believes can promote greater institutional adoption in the crypto sector, in addition to discouraging maximalist attitudes among participants. According to him, two factors can contribute to increased institutional acceptance of crypto assets on a global scale. These factors include having clear legal regulatory frameworks relevant to the industry and possessing what he defines as proven utility.
Despite the United States having approximately 22-23% of the global gross domestic product (GDP), Garlinghouse mentioned that the country is far behind in terms of legal regulators establishing clear rules for the crypto market. He stated that compared to jurisdictions like Dubai, where regulators engage in a constructive process related to the industry, the US is lagging behind. He explained this situation with the following words:
“The US, unlike Dubai in particular, is far behind in creating these legal structures. Therefore, you need to have frameworks that large institutions will adopt and participate in.”
Garlinghouse believes that in addition to clear rules and legal regulatory barriers, increased institutional adoption will only be driven by showcasing tangible benefits rather than speculation. According to him, speculation is not the ultimate goal in the crypto market:
“You also need to have proven utility because if it’s just about speculation, in my opinion, it’s not promised land.”