Will Ripple Replace XRP with a Substitute?

Author: Sohrab Khawas

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    Brad Garlinghouse during his recent talk with CNN, dropped his thoughts about the future of XRP and reflected on the flip side if the lawsuit was lost. He said that withdrawing XRP and replacing it with a substitute could “certainly” be part of the solution in the United States when asked about “contingency plans”: 

    That certainly could be part of the solution. I think there is certain strangeness that XRP has kind of picked winners here: it said that Bitcoin is not a security, it said that Ether is not a security, but really everything else, I think, is kind of at risk. Particularly, given what they have done in the lawsuit against Ripple. But, you know, we could do that.

    Is Ripple Transparent Enough?

    The Securities and Exchange Commission (SEC) has determined that XRP is a digital asset, not a cryptocurrency. Ripple executives “failed to register their ongoing bid and selling of billions of XRP to institutional investors,” according to Stephanie Avakian, director of the Securities and Exchange Commission’s Compliance Division.

    Garlinghouse denied to publicly address some damning allegations about him netting $150 million from XRP sales.

    I’m really looking forward to the facts coming out in the court case. You know this is something that I haven’t commented on publicly because the wheels of justice kind of move slowly. It’s important that we get the facts out. We heard one side of the story from the SEC

    The company recently launched a private edition of the XRP Ledger for central banks, according to U.Today. 

    Garlinghouse is also persuaded that Bitcoin, as well as the wider blockchain industry, will not disappear. He did, however, reiterate his reservations about the flagship cryptocurrency’s high energy consumption, noting that XRP is 100,000 times more effective per transaction.

    He definitely does not think that ripple is threatened by stable coins and Defi. Not acknowledging that the carbon footprint is a real issue could hamper the success of the technology.

    Ripple, which is yet fighting the SEC lawsuit, recently ended its partnership with Moneygram and bought a 40% stake in Asia payment hub.

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