Ripple Chief Executive Officer (CEO) has a message to the cryptocurrency industry players, “work with the regulators.”
“It’s incredibly important that the entire industry recognizes that we have to work with the regulators, we have to work with the system,” Ripple CEO Brad Garlinghouse says.
After the Securities and Exchange Commission (SEC) said it will require digital asset exchanges to register with the agency, Bitcoin price has dropped below $10,000 last trading day.
According to Ripple CEO, as he predicts that even more consolidation as the cryptocurrency asset class grows and “the Fidelitys of the world” enter the space.
The CEO of widely-followed payment network Ripple has a request for everyone in the cryptocurrency industry: Cooperate with regulators.
“It’s incredibly important that the entire industry recognizes that we have to work with the regulators, we have to work with the system, ” Ripple CEO Brad Garlinghouse said in an interview that aired Wednesday on CNBC’s “Fast Money.”
“The blockchain revolution is happening from within the system it’s not going to happen from outside the system,” he added.
Bitcoin dropped below the key $10,000 level Wednesday after the Securities and Exchange Commission said it will require digital asset exchanges to register with the agency. The SEC statement follows weeks of subpoenas to rein in control over the growing number of exchanges.
“There are some within the bitcoin community that really advocated not just down with banks but down with governments, we have been a contrarian relatively speaking in that regard,” said Garlinghouse, who has an estimated net worth of $3.7 billion and ranked 210 on Forbes’ list of richest Americans.
San Francisco-based Ripple is developing a network for fast, global financial payments. XRP is the name of the digital token that financial institutions on the network can use to transact quickly.
The digital currency, which was trading near 88 cents Wednesday according to Coinmarketcap data, is listed on more than 60 exchanges but is not yet available on popular U.S. exchange Coinbase.
“Coinbase will have to decide what they want to do and make the announcements that are appropriate for them,” Garlinghouse said, adding that he would not “comment on the status of those sort of things.”