The CEO of the Ripple, Brad Garlinghouse has claimed that lawyers are the actual winners in the cryptocurrency space.
Brad Garlinghouse, CEO of the Ripple stated that the winners in the flourishing practice of Initial Coin Offerings will exist from the legal community.
Initial coin offerings or ICOs are managed by the different startups in order to raise funds. Digital currency including Bitcoin is exchanged by the investors for a token issued by the startups.
Ripple CEO told CNBC at Singapore’s Money 20/20 conference:
“Entrepreneurs need to be [going in with their] eyes wide open […] The winners are going to be the lawyers because they’re going to help you issue the token and then they’re going to help you defend it. Better sometimes to focus on solving real problems for real customers, and not worry about running infrastructure for a token issue, getting listed on exchanges and all the steps that come with that”.
CNBC reports cited that a sum of amount $3.8 billion has been raising by the ICO last year. That’s a large amount raised in the crypto space with least fortification for investors. As per the Bitcoin.com study, approximately 46 percent of ICOs are failed launched in the year 2017.
Unsurprisingly, the CEO of cryptocurrency’s largest company supported the move of US Securities and Exchange Commission which requires platforms offering “trading of digital assets that are securities” to register.
He said CNBC,
“There’s a lot of goodness going on, you can leverage blockchain and how you leverage digital assets to solve real problems […] I think most of the ICOs you’re seeing are not real token use cases. They’re really securities, so I think the SEC should regulate that”.
Recently, Ripple CEO also said to the crypto enthusiastic audience regarding the cooperation with regulators.
On March 07, 2018, Garlinghouse said in an interview with on CNBC’s Fast Money that
“It’s incredibly important that the entire industry recognizes that we have to work with the regulators. However, we have to work with the system”.
Essential Days for Ripple
San Francisco-based Ripple is emerging a network for a seamless transaction of global payments. Digital token of the Ripple is XRP which is using to transact quickly on the network.
But so far this month, it has been noted that Ripple is failed to execute well. Ripple is trading at nearly $0.6893 but could fall to as low as $0.5620. The upcoming days of Ripple are very crucial, and if the value manages to remain constant over these days. Thus, they may have the prospect to rise.
Investors and traders have lot of hope that Ripple will recover from this wavering stage.