Ripple CEO Brad Garlinghouse on how the crypto industry will rebuild
Summary
TLDRВ видео скрипте обсуждаются вопросы регулирования криптовалют и действия СЕК под руководством Гэри Гендлера. Главные темы включают разрешение Bitcoin ETF, политические последствия работы СЕК, предполагаемые шансы на создание новых крипто-ETF, а также политические и правовые перспективы для криптовалютного рынка в США. В частности, обсуждаются проблемы, связанные с нестабильностью и неясностью законодательства, и влиянием этих факторов на инвестиции и развитие инфраструктуры блокчейн-технологий.
Takeaways
- 📜 SEC и его председатель Гари Генслер не сменили свою позицию по криптовалютам, несмотря на одобрение Bitcoin ETF.
- 💭 Гари Генслер считается политической проблемой в США и, по мнению некоторых, действует не в интересах граждан и долгосрочного роста экономики.
- 🚀 Скорее всего, в будущем председатель SEC будет заменен, что будет положительным изменением для американского народа.
- 🌐 После одобрения Bitcoin ETF цены на Ethereum резко выросли, вызвано ожиданиями появления ETF для Ether.
- 📈 Вопросы регулирования криптовалют в США остаются актуальными, и ряд законопроектов пытаются пройти через законодательный процесс.
- 🔒 Ripple успешно противостоит SEC в суде, что подтверждает их правонарушения и положительные изменения в отношении криптовалюты.
- 💼 Ripple продолжает расширять свои услуги, включая в себя хранение криптовалют и возможное вторжение в новые рынки через приобретения.
- 📊 Ripple по-прежнему оптимистичен относительно криптовалютного рынка в 2024 году, с акцентом на соответствие стандартам и решению реальных проблем.
- 🛒 Рынок криптовалют и индустрия в целом продолжают развиваться, несмотря на предыдущие кризисы и проблемы.
- 🌐 AI становится новой 'золотой нишей', но криптовалюты продолжают развиваться и имеют свою важность для будущего.
- 🎉 В целом, интервью с Брэдом Гарлингом, генеральным директором Ripple, показывает оптимизм и уверенность в развитии криптовалюты и финансовых технологий.
Q & A
Какое мнение SEC о Bitcoin ETF после его одобрения?
-SEC, председателем которой является Гари Гэнслер, не изменил своей позиции даже после одобрения Bitcoin ETF. Гари Генсер заявил, что он не одобряет Bitcoin и по-прежнему считает большинство криптоактивов ценными бумагами.
Многие ли судебные потери SEC связаны с регулированием криптовалют?
-Да, Гари Гэнслер продолжает терять в суде, что делает его политическим риском для Соединенных Штатов. Несмотря на это, он продолжает осуществлять ту же политику, что вызывает недоумение.
Какие перспективы на 2024 год в отношении законодательства о криптоактивах в США?
-Ожидается, что в 2024 году произойдет некоторое изменение в законодательстве о криптоактивах в США. Вероятнее всего, будет принято законодательство касательно стабильных монет, так как Управление по налогам США поддерживает его для удовлетворения реальных потребностей рынка.
Какие криптовалюты ожидают регулирование в ближайшем будущем?
-Следующими кандидатами на регулирование являются стабильные монеты, такие как USDT и USDC. Ожидается, что рынок стабильных монет продолжит расти и привлекать новых участников.
Как Ripple преуспевает в суде против SEC?
-Ripple успешно защищается в суде против SEC. В отношении Ripple суд вынес решение, что XRP не является ценной бумагой. SEC попытался обжаловать это решение, но его апелляцию отклонили.
Как Ripple планирует использовать свои ресурсы в 2024 году?
-Ripple планирует использовать свои ресурсы для расширения своего бизнеса по хранению криптоактивов и возможной аквизиции других компаний. Они также рассматривают возможность вхождения в новые рынки, связанные с инфраструктурой блокчейн-технологий для предприятий.
Как Ripple относится к потенциальному IPO в будущем?
-Ripple не считает IPOImmediate приоритетом, так как они не нуждаются в капитале и имеют сильный баланс. Однако они продолжают рассматривать эту возможность, особенно если ситуация с регулированием в США улучшится.
Каковы ожидания Ripple относительно крипторынка в 2024 году?
-Ripple очень оптимистичны в отношении крипторынка в 2024 году, так как они считают, что фокус на солидарности и решении реальных проблем для клиентов приведет к положительному развитию индустрии.
Как零售投资者可能 относится к криптовалютам в текущем цикле?
-Разумается, что零售投资者 могут быть более осторожными в текущем цикле после предыдущих проблем, таких как криптозита и проблемы с FTX и Binance. Однако опыт предыдущих циклов может помочь им принять более обоснованные решения.
Как Ripple относится к AI в качестве конкурента для криптовалют?
-Ripple радуется успехам AI, но считает, что криптовалюты все еще имеют свою важность и место на рынке. Они видят AI как комоплементарную технологию, которая может сосуществовать с криптовалютами и даже создавать новые возможности.
Outlines
📉 SEC и криптовалюты: проблемы и перспективы
В данном параграфе обсуждаются проблемы, связанные с регулированием криптовалют и действиями Комиссии по ценным бумагам (SEC) в США. Основное внимание уделяется мнению экспертов о том, чтоGary Gensler, председатель SEC, продолжает терять в суде и становится политическим риском для США. Обсуждаются последние события, такие как одобрение Bitcoin ETF и его влияние на рынок криптовалют, а также возможные изменения в позиции SEC в будущем. Эксперты выражают мнение, чтоGary Gensler в конечном итоге уйдет с поста председателя SEC, и это будет полезно для американского народа и для долгосрочного развития экономики.
🌐 Ripple и их стратегия развития в 2024 году
В этом параграфе рассматривается стратегия компании Ripple и ее планы на 2024 год. Основное внимание уделяется развитию их основного продукта - Ripple Pay, а также расширению бизнеса по управлению активами после приобретения компании в 2023 году. Обсуждаются также возможные направления для вторичного роста компании через акquisition в других рыночных сегментах. Кроме того, важным аспектом является обсуждение вопроса ликвидности для инвесторов и перспектив Ripple на рынке в связи с изменением регуляторной среды в США и возможности похода на IPO в других юрисдикциях.
💹 Ожидания от крипторынка в 2024 году и влияние на розничных инвесторов
В заключительном параграфе обсуждаются ожидания от крипторынка в 2024 году, включая потенциальные изменения в законодательстве и влияние этих изменений на розничных инвесторов. Эксперты выражают оптимизм по поводу будущего крипторынка, подчеркивая важность соответствия требованиям регуляторов и фокус на решении реальных проблем для клиентов. Обсуждаются последние циклы роста и криповальют, а также влияние недавних событий, таких как проблемы FTX и Binance на рынок. Эксперты считают, что розничные инвесторы могут быть более осторожными в этом цикле, но подчеркивают, что долгосрочный взгляд на рынок и инвестиции в технологические компании, которые решают реальные проблемы, приведут к успеху.
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Highlights
SEC's tone on Bitcoin ETF and crypto regulations remained unchanged despite the approval.
Gary Gensler's stance on Bitcoin and other crypto assets continues to be critical, not endorsing them.
The definition of insanity is doing the same thing over and expecting different results, which is seen as applicable to Gensler's approach.
Gary Gensler is considered a political liability and not acting in the best interest of the economy or the citizens.
Expectation of a new SEC chair benefiting the American people and potentially changing the stance on crypto regulations.
The Bitcoin ETF approval did not imply a broader acceptance of other crypto assets by the SEC.
The price of Ether skyrocketed on speculation of a potential ETH ETF, indicating market interest.
The certainty of more ETFs for different crypto assets in the future, though the timeline is uncertain.
The Bitcoin ETF came into existence because a US court found the SEC's actions arbitrary and capricious.
The US has not passed comprehensive crypto regulations unlike the EU and other jurisdictions.
There are bills related to stablecoins and other crypto regulations making their way through the US lawmaking process.
The likelihood of stablecoin legislation passing in 2024 is high due to the US Treasury's support.
The stablecoin market has met real needs and regulatory clarity is beneficial for the industry.
Tether (USDT) and Circle (USDC) are seen as stablecoins here to stay due to their market presence.
The US risks losing leadership in the crypto industry due to unclear regulations and SEC's actions.
Ripple's hiring trend shows a shift away from the US due to the hostile regulatory environment.
The Ripple vs SEC lawsuit has largely been resolved in Ripple's favor, with the SEC losing on key arguments.
Ripple's focus for 2024 includes growth in Ripple Payments and the custody business, with potential acquisitions.
Ripple's strong balance sheet allows for continued investment and acquisitions, with no immediate need for an IPO.
The retail investor's sentiment may be more cautious this cycle due to past experiences and recent market events.
The long-term view on crypto is optimistic despite short-term volatility and regulatory challenges.
AI has become the new focus while crypto has matured and become less of a hype, which is a positive development for the industry.
Transcripts
it certainly didn't sound like the SEC
or or the chair Gary gansler changed
their tone even after the approval of
the Bitcoin ETF there was a statement
Gary genser said he didn't endorse
Bitcoin uh he still called most other
crypto assets Securities is this
postering or do you think there's a
chance yesc has changed its
stance there's an expression about you
know one of the definitions of insanity
is doing the same thing over and over
again and not expecting a different
outcome I think Gary gendler is doing
the same thing over and over again and
thinks that somehow he's going to win in
court he has continued to lose in court
uh I do think the chair of the SEC Gary
gendler has become a political liability
in the United States and I think he's
not acting the best interest of the
citizenry he's not acting the best
interest of the longterm growth of the
economy uh and I don't understand it and
I think at some point you know there
will be a new chair of the SEC and I
think uh that'll be a good thing for the
American people there were a couple of
interesting things after that Bitcoin
ETF uh was approved proved in that
statement one and I paraphrase here was
effectively G Gary genter saying just
because we allowed the Bitcoin ETF don't
think we're now going to allow a bunch
of other crypto assets the second
interesting thing was the price of ether
skyrocketed immediately after on hopes
that they could now next be an eth ETF
um what are the chances of that I think
it's a certainty
I I I I I'm not going to put a horizon
on the time but I think there will be
other ETFs for sure X1 there will be
other ETFs for sure but but an xof
E1 I love this game we play look uh I am
very op that's fine the sad part of that
reality is we have a Bitcoin ETF only
because a US court said to the SEC
you're being arbitrary and capricious in
your apply of your applic application of
the law what would be sad is if every
ETF had to go through that same Journey
journey and for Gary gendler to get
smacked down by the US court system
again that that might be it might be
necessary but you know again at some
point I think Gary gendler won't be the
chair of the SEC and that'll be a good
thing for the American people there's
what the secc does and then there's what
is going on in Washington uh in amongst
lawmakers and that's those are those are
linked but also separate now the US
hasn't passed any kind of comprehensive
regulation around uh crypto assets at
this point unlike you know you see in
the European Union with Ma and some of
the other jurisdictions you mentioned
earlier as well to buy um but there are
a number of bills trying to make their
way through the lawmaking process one of
those is around stable coins there a
number of other others as well um do you
think that in 2024 there is the
political will given it's an election
year as well to to pass some of these
bills and bring them into law I I said
earlier I don't like to predict things B
based on time and this one I will I
think this year there will be uh
legislation that passes I I won't be as
uh you know predictive about which one I
think it likelihood is that the
stablecoin uh Clarity for stable coin I
can't remember the name of the bill that
has been uh you know going through the
the system in Washington DC but I think
we will see that in part because the US
Treasury wants it right I think the
stable coin Market has really surprised
people in some ways in terms is solving
a real need and I think it only makes
sense for there to be regulatory Clarity
around that I think that's good for the
whole industry and you know one of the
things we you said earlier is you know
are there skeletons in the closet the
stable coin Market because there hasn't
been clear rules of the road uh it'll be
interesting as that that comes to frish
you know the two primary obviously usdt
and usdc I I think they are you know
here to stay and I think you're going to
see other entrance in that market too
you you said before that the the U the
US risks losing some of the leadership
around around this industry that other
countries uh have taken a lead um and a
lot of that is due to what the SEC does
and the fact there isn't clear
regulation in the US if the regulation
does pass this year if there's clearer
rules for the for the road uh for the
for the broader industry does that help
will will the US be able to compete with
some of these other jurisdiction who
took an early lead in in this industry I
I for sure yes I I don't think the the
market has passed the US I think it has
passing and you are seeing I mean look
we have publicly shared uh over 70% of
Ripple's hiring last year was non- us
despite the fact that there's still a
majority of our employees in the United
States why would we want to hire in a
market where we have a hostile
government we have a government who
won't provide the clarity we have asked
for where we had to fight for years and
spend well well over100 million doar in
the court system to fight them so you
know there will continue to be a lot of
activity I think in London in Dubai in
Singapore or in some of the other uh you
know Capital Financial capitals of the
world but I think the US eventually
figes it out uh I don't know how to
predict what's going to happen in the
election cycle but no matter what
there's going to be you know a shift if
you will and I think we will see a shift
at the SEC hopefully to a a new chair
that is uh constructive and wants to
work with the industry and not put their
own agenda ahead of the the American
peoples um I've been asking you this
since 2020 because that's how long it's
been going on for Ripp
versus the SEC lawsuit when when do we
get a conclusion look but most of it has
been resolved right so the SEC filed a
lawsuit in December of 2020 so just over
three years ago against me against Chris
Larson and against Ripple the case
against uh Chris and Brad myself uh have
been dismissed entirely with prejudice
meaning they can't ever bring it back
and the case against Ripple they lost on
everything they cared about I mean their
primary tenant was that xrp is a
security and in the judge Torres opinion
what she wrote is xrp is in of itself
not a security so I feel very good about
that the SEC then asked for approval to
appeal that decision and that was denied
so I mean look the SEC has lost
consistently in this case uh there is a
piece of the case that continues around
institutional sales because investment
contracts where Ripple sold xrp to in
institutions who wanted to speculate the
irony there is you know again the sec's
one of their missions is to protect
investors how many of our institutional
xrp sales did they lose
money
none like what are we arguing about what
are we anyway so look that will uh
proceed through the court system for a
little bit longer but I I feel very good
about where we are and I I I frankly
really pleased for the whole xrp
ecosystem and the whole crypto Market
benefited immensely from that legal win
um just for the last five minutes Brad
let's talk about Ripple what your focus
is this year where where you're going
and the future um um for for 2024 where
are you putting your energy well a
couple things come to mind there
obviously uh our core product R Ripple
payments has continued to grow uh and
that's something we'll continue to
invest in more uh payout markets around
the world we uh through an acquisition
entered the custody Market in 2023 uh
certainly a lot of our investment our
incremental new investment in 2024 will
be invested in the custody business uh
is that in ant is that in anticipation
of of some of these bigger investors
getting in to the markets and well I
mean I on one hand I say yes however
there's already a tremendous amount of
demand I mean that business is growing
very quickly we announced publicly just
a month or two ago that HSBC is a new uh
client of that business so you know
these are Big accounts as well as more
mid-market accounts the custody business
is very real and is going to continue to
grow nicely you know I do think Ripple
thinks about entering other vertical
markets so payments custody I think
we'll do other things in 2024 some of
the those will probably enter through
acquisition uh we've been super
fortunate to have a very strong balance
sheet at a time that uh you know that
the market has shifted and the the
valuations of a lot of these companies
is not what it once was that's been an
opportunity for us and so we're going to
continue to play offense and what are
the areas that interest you
then I was thinking about being your
wardrobe
consultant no I'm not going to announce
the world you know the key areas but
look ripple at its core is a block chain
infrastructure company serving
Enterprises we started with payments and
financial institutions we've moved into
custody a lot of overlap with those same
financial institutions uh but we're
going to expand with that same thematic
of infrastructure enterprise-based uh it
served us well and what what are your uh
growth expectations this year what what
Revenue growth are you tracking this
year will you be profitable this year so
you know we have been cash flow positive
the last couple of years uh you that has
been a unique place in the market and
allowed us to invest not only in the
core of Ripple but also in Acquisitions
even you know recently you may have read
we did a tender offer to our
shareholders we've now repurchased uh
over a billion dollars of stock from our
shareholders uh that's something that's
important to us quite frankly because it
is not an immediate term priority to go
public uh you know in the United States
trying to go public with a very hostile
regulator that has to approve your S1
that doesn't sound like a lot of fun to
me you know coin obviously had their S1
approved and now the SEC is suing them
for doing things that was outlined in
their S1 now that as I mentioned there's
a hearing tomorrow in the US about some
of that but I think it's indicative of
uh why would we want to subject
ourselves to an SEC that is openly
hostile to this industry so so in terms
of an IPO an exit of some sort is that
sort of parked to the side at this point
yeah you looking elsewhere outside the
US for a listing I I mean yes to all of
those uh
I don't think about an IPO as an exit I
think about an IPO as a step in the
journey uh you know shareholder
liquidity is important to me we have
investors that first invested in Ripple
in 2012 so uh they've been in this deal
for you know 11 and a half years and so
we want to provide that liquidity which
is one of the reasons why we've done
these tender offers and now per
repurchased just over a billion dollars
of stock uh you know we have looked at
other jurisdictions that have clear
rules of the road but honestly a lot of
people go public because they need to
raise Capital yeah Ripple is not really
in a place where we need to raise
capital and so it it is not a short-term
priority we're obviously keeping that
option open uh and we'll evaluate it you
know as time continues and we'll
evaluate again as we have uh new
Regulators sitting at the United States
SEC and I guess some of it's Market
dependent as well last year was an
interesting uh you know space with the
in the tech World more broadly there
were a lot of secondaries BuyBacks but
very few IPOs the market wasn't
obviously very great for him so I guess
it's also you know how how the broader
markets play out as well for sure that's
part of it and not just the public
markets but also the crypto markets and
you know I think uh coinbase's stock is
in a much stronger position now than it
was a year ago but uh obviously well off
its highs from three years ago when it
went public so I it's just not a huge
priority we have a lot of capital very
strong balance sheet we can continue to
play offense through an acquisition
point of view invest in the business
you know as we started this conversation
I am very optimistic about the crypto
Market in 2024 uh because of those
things around putting compliance first
right making sure we focused on solving
real problems for customers and not just
the speculative cycle I think will put
the whole industry and a really good
trajectory how do you think the retail
investor feels because the you know we
know in previous Cycles uh more broadly
you know you get the initial bump up
sort of at the phase we're in now and
what takes it really to those alltime
High is the the the the fever amongst
the retail investors now the last cycle
was was special it was a very different
crypto winter to one that we had seen
before characterized by a lot of
bankruptcies a lot of contagion and then
obviously the issues with FTX and
binance as well um do you think the
retail investor at this point may be a
little bit more cautious this time
around this cycle about dipping the toe
back in I I think probably yes but you
know look uh one of the I think
advantages I've been around the block
once or twice I remember the earliest
days of the internet as we know it and
you know the retail investor really drew
the hype cycle of Internet 1.0 and I'm
talking about 1999 2000 and then you had
a wash out in 2001 2002 and that was a
painful you know the dotc crash but
today when we sit here the some of the
most valuable companies on the planet in
alphabet meta you know these are
companies that were born of that era
and so I I think that what happens in
the short term around crypto is you know
I take a very long View and I I
encourage whether you're a retail
investor or an Institutional Investor I
think if you take a long-term view about
where these markets are going and why
there's so much momentum despite the
self-inflicted wounds I mean again as
you and I talked backstage Bitcoin is
not that far from its all-time high
right now yeah and I'm I'm very
optimistic about what we're going to see
this year um BR just as we WRA up uh I
was walking down the prominade yesterday
and crypto has been displaced by AI as
the cool kid on the block how do you
feel about that I'm thrilled you're
thrilled why look I I think that it's
good that crypto is boring now right
it's cryp I
don't look I I think uh everything every
new technology goes through a hype cycle
I think AI is also a technology here to
stay transformational in a lot of ways
but also not exactly clear what the
business models are how it's going to
play out and I think that's where crypto
was a few years ago and I think now
we're further along and I think that's a
very positive thing for the crypto
industry I'm excited about what's going
on in AI uh I'm I'm a Voyer not a
participant in that world but uh it's
going to be interesting rad always a
pleasure to speak to you that was a
well- win tour as always thank you so
much for joining me today Round of
Applause for Brad Garling CEO of r
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