Latest news with #Garlinghouse
Int'l Business Times
20-05-2025
- Business
- Int'l Business Times
Bitcoin Champion Sen Cynthia Lummis Cancels Meeting With Ripple CEO, $XRP Tumbles
Cynthia Lummis Sen. Cynthia Lummis, R-Wyo., reads the draft of the "Bitcoin reserve bill" at Bitcoin 2024 conference in Nashville. Bitcoin Magazine YouTube | Cynthia Lummis Unveils Bitcoin Strategic Reserve Bill Bitcoin Magazine on YouTube / Screenshot Garlinghouse urged Lummis to reconsider her stance and "be a leader for all of crypto" Bitcoin maximalists slammed the Ripple CEO for criticizing Lummis in public $XRP holders said it appears Lummis doesn't want a level-playing field in the crypto industry Sen. Cynthia Lummis, R-Wyo., has canceled a meeting with Ripple CEO Brad Garlinghouse, dashing hopes for a potential shift in dynamics in the long-running power struggle between the Bitcoin and XRP communities. Garlinghouse took to X on Monday to reveal that Lummis, known for championing a national strategic Bitcoin reserve, "canceled a meeting" with him and will not reschedule. Ripple CEO calls out Lummis In his Monday revelation, Garlinghouse said he was heading to the Capitol "to champion sensible pro-crypto legislation around stablecoins and market structure." As he has done in the past, the Ripple leader called for open-mindedness when it comes to politicians dealing with the cryptocurrency industry. He specifically called on Lummis to reconsider her stance. "As a leader in Congress and Senator from one of the most crypto-friendly states (WY), I hope you will reconsider and be a leader for all of crypto," he wrote. Heading to DC to champion sensible pro-crypto legislation around stablecoins and market structure, and I'm very encouraged to see our elected officials look at crypto as it should be – a multichain industry. That said, @SenLummis, as Chair of the Digital Assets Subcommittee,… — Brad Garlinghouse (@bgarlinghouse) May 19, 2025 Despite his subtle jab at the Bitcoin-friendly senator, who also chaired the Senate's Digital Assets Subcommittee, Garlinghouse said it was still encouraging to see that some government officials "look at crypto as it should be – a multichain industry." This was hardly the first time Garlinghouse criticized "maximalism," a term used by crypto users to refer to crypto holders who believe a specific digital coin is the only digital asset the world will need in the future. $XRP dips amid news XRP, the world's current fourth-largest crypto asset by market capitalization, retreated Monday after news of the canceled meeting spread across crypto communities. Data from CoinGecko showed that XRP prices plunged as low as $2.30 from trading at around $2.38 earlier in the day. Despite the price dip, XRP remains in the green, climbing by 0.6% in the last 24 hours. Ripple oversees the development of the XRP Ledger, whose native cryptocurrency is XRP. There has been an ongoing war of words between BTC maximalists and the XRP Army, which has often pushed Bitcoin and XRP to trend on social media. $BTC maximalists, $XRP army clash on X On X, where the bitter word war among top crypto communities has triggered questions on unity in the space, another exchange of words emerged from Garlinghouse's revelation. Prominent BTC maximalist Pierre Rochard blasted Garlinghouse for his alleged push for central bank digital currencies (CBDCs). "Nobody takes you seriously anymore," the Bitcoin Bond Company CEO said. You ruined your reputation and lost all credibility by pushing for CBDCs and against Bitcoin. Nobody takes you seriously anymore. — Pierre Rochard (@BitcoinPierre) May 19, 2025 Chainlink community liaison Zach Rynes said Garlinghouse shouldn't have called out Lummis publicly, saying it doesn't help improve crypto's relationship with politicians. Very weird tweet, if she didn't want to take a private meeting, why call her out publicly? That's not going to help relations, and why offer an even more public livestream discussion? — Zach Rynes | CLG (@ChainLinkGod) May 19, 2025 Other prominent crypto users encouraged Lummis to take up Garlinghouse's offer to discuss the broader crypto space with the Ripple CEO through an X Spaces session. That would be a great X space, @SenLummis! — Vet (@Vet_X0) May 19, 2025 Some also encouraged Lummis to join advocacy groups that provide advice on pro-crypto policies. Others in the XRP community said Lummis may want "an unfair advantage for Bitcoin" since a level-playing field for all crypto firms and projects might threaten the world's most valuable cryptocurrency. Why would @SenLummis cancel a meeting? Perhaps she wants an unfair advantage for Bitcoin. A level playing field is too threatening for Bitcoin, perhaps. — 🪝 (@DarkScarf89) May 19, 2025 @bgarlinghouse's spot on. If the U.S. wants to lead in crypto, open dialogue between the public and private sectors is non-negotiable. Refusing to meet sends the wrong message, and slows real progress. This is a multichain, global industry. Policy needs to reflect that. — JDNomax (@JDNomax) May 19, 2025 The official X handle of the Rowen Exchange agreed that Garlinghouse was right for publicly revealing Lummis's cancelation of the meeting, indicating growing demand for political interest in other crypto coins and companies outside the Bitcoin brand. Thank you for calling this out. This needed to be said — Rowen Exchange (@RowenExchange) May 19, 2025 Lummis has yet to respond to concerns around her supposed favor of BTC and rejection of other crypto projects. © Copyright IBTimes 2024. All rights reserved.
Yahoo
19-05-2025
- Business
- Yahoo
Ripple CEO responds to XRP debut on CME
Brad Garlinghouse, the billionaire CEO of the blockchain and payments firm Ripple, recently shared his excitement about the launch of regulated XRP futures on the Chicago Mercantile Exchange (CME). Garlinghouse wrote on X, "The launch of regulated XRP Futures on CME Group marks a key institutional milestone for XRP…and very excited to report that Hidden Road cleared the first block trade on CME at the opening!" Founded in 1898, CME is a leading American derivatives marketplace where commodities, equity indices, foreign exchange, interest rates, etc. are traded. On May 19, the marketplace launched XRP futures (50,000 XRP) and micro XRP futures (2,500 XRP). These products are financial derivative contracts that let traders speculate on the future price of XRP without any need for them to actually own the cryptocurrency. XRP is the third-largest cryptocurrency, and its CME debut marks a milestone in the broader trend of traditional finance increasingly embracing the crypto market. "Interest in XRP and its underlying ledger (XRPL) has steadily increased as institutional and retail adoption for the network grows, and we are pleased to launch these new futures contracts to provide a capital-efficient toolset to support clients' investment and hedging strategies," CME Group's global head of cryptocurrency products Giovanni Vicioso said. The Securities and Exchange Commission (SEC) is yet to take a decision on nine XRP-tied spot exchange-traded fund (ETF) applications, including one by the Wall Street giant Franklin Templeton. Ripple Labs has been engaged in a well-known legal case with the SEC regarding alleged securities violations. XRP was trading at $2.37 at the time of writing, as per Kraken. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Prediction: XRP Could Be Worth $600 Billion in 5 Years
XRP is up almost 25% for the year amid rising investor sentiment about its future growth prospects. The fast-growing stablecoin industry could be the key to expanding the number of use cases for XRP. XRP continues to widen its role in cross-border payments, due to the cost advantages and efficiencies of blockchain technology. 10 stocks we like better than XRP › XRP (CRYPTO: XRP) has been one of the top-performing cryptocurrencies of 2025. It's now up almost 25% year to date, and currently trades at a price of about $2.54, giving XRP a total market cap of $150 billion. That's just the beginning of XRP's resurgence. The world's third-most valuable cryptocurrency could quadruple in price and be worth $600 billion within just five years. Here's one way that it could play out. On the surface, a $600 billion valuation for XRP might appear unrealistic. After all, that's twice the current valuation of Ethereum. So let's do a little math and consider the following question: How fast would XRP need to grow on a year-over-year basis to hit a market cap of $600 billion within five years? The numbers might surprise you. XRP would need to grow at an annualized rate of 15% to double in price within five years. It would need to grow at an annualized rate of 25% to triple in price. And it would need to grow at an annualized rate of 32% to quadruple in price. When you start to think about XRP from this perspective, the $600 billion number makes a lot more sense. The hard part is finding new business opportunities that are capable of growing at a fairly brisk 30% rate during the next five years. The first huge opportunity for XRP involves stablecoins. These are dollar-pegged cryptocurrencies that are designed to track the value of the U.S. dollar on a 1-to-1 basis. Theoretically, the value of a stablecoin pegged to the U.S. dollar should always be $1. The good news is that stablecoins happen to be one of the fastest-growing segments of cryptocurrency. The total value of the stablecoin industry is now $230 billion. According to the Brookings Institution, that's a more than 10-fold increase from $20 billion in 2019. So this is exactly the type of fast-growing business opportunity that XRP needs. As you might have guessed, Ripple, the company behind the XRP token, has been making aggressive moves into the stablecoin industry. In December, it launched a stablecoin of its own, known as Ripple USD (CRYPTO: RLUSD). Then, in April, it made a $5 billion acquisition bid for Circle, the company behind the enormously popular USDC (CRYPTO: USDC) stablecoin. Brad Garlinghouse, chief executive officer of Ripple, has become a vocal champion of stablecoins, and has spoken out about the need for comprehensive new stablecoin legislation within the U.S. Garlinghouse sees what other crypto leaders see: Stablecoins are the key to bridging the worlds of traditional finance and blockchain finance, and opening the door to new opportunities on Wall Street. XRP is the token of the Ripple payment network, which is based on blockchain technology. The most obvious application for this network is to send payments cheaply and efficiently across borders. However, Ripple has in mind a much bigger use case than just sending money to family and friends living abroad. Ripple envisions a future where the XRP blockchain ledger could eventually replace the legacy SWIFT (Society for Worldwide Interbank Financial Telecommunication) payment network for financial institutions. In an interview with Maria Bartiromo of Fox Business, Garlinghouse said SWIFT is 50-year-old technology that badly needs an overhaul. Right now, more than 11,000 financial institutions in 200 different countries use SWIFT every day. Imagine if the XRP token were suddenly at the heart of this thriving business. If all else fails, there's always a chance for a Ripple initial public offering (IPO). As of now, Ripple executives vigorously deny any plans to raise capital via an IPO. However, this topic continues to be raised within the XRP investor community. Admittedly, until this year, a Ripple IPO would have been unthinkable. That's because Ripple has been engaged in an epic court battle with the Securities and Exchange Commission over the status of XRP. For more than four years, the SEC argued that XRP is a security and that selling it without registering it with the agency violated securities laws. But with the arrival of a pro-crypto White House, the SEC has changed its tune and now says that it is dropping its case against Ripple. A Ripple IPO could potentially have a huge impact on the price of XRP. Theoretically, any capital raised could be used to build out the XRP payment network, acquire new digital assets, or expand business opportunities worldwide. And all that new activity would be enormously bullish for the price of the XRP token. So just how realistic is this scenario of XRP quadrupling in value and hitting a price of $10? After all, in more than a decade, XRP has never once surpassed $4. A lot obviously needs to go right. The good news, if you're an XRP investor, is that the SEC regulatory clouds have parted, and that has created a unique opening for Ripple to pursue potential fast-growth business opportunities. Before you buy stock in XRP, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and XRP wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $620,719!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $829,511!* Now, it's worth noting Stock Advisor's total average return is 959% — a market-crushing outperformance compared to 170% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 12, 2025 Dominic Basulto has positions in Ethereum, USDC, and XRP. The Motley Fool has positions in and recommends Ethereum and XRP. The Motley Fool has a disclosure policy. Prediction: XRP Could Be Worth $600 Billion in 5 Years was originally published by The Motley Fool
Int'l Business Times
09-05-2025
- Business
- Int'l Business Times
$XRP Pumps As SEC Files For Ripple Lawsuit Settlement – Is It Actually Game Over?
Ripple previously announced the end of the SEC's lawsuit against the $XRP holder, but it was only on Thursday that the SEC filed a settlement agreement. IBTimes US The SEC finally announced a settlement agreement with Ripple weeks after the company made its own announcement Some crypto users believe it may take a few more months before the lawsuit's end is finalized $XRP surged Thursday night amid the development but has yet to see a more significant price pump The U.S. Securities and Exchange Commission (SEC) on Thursday announced it has filed a settlement agreement over its lawsuit against blockchain firm Ripple and two of its leaders, CEO Brad Garlinghouse and Ripple co-founder Chris Larsen, marking a major move by the financial regulator since Chair Paul Atkins took the helm from former Acting Chair Mark Uyeda. Many XRP holders have been waiting for the SEC's official announcement regarding the lawsuit even as Garlinghouse previously announced that the lawsuit is over. SEC Acknowledges Ripple Settlement Ripple, the largest corporate holder of the XRP altcoin, had been in a back-and-forth legal battle with the SEC since the agency sued the company late in 2020. On Thursday, the SEC said it has filed a settlement agreement in its lawsuit against Ripple, Garlinghouse and Larsen "that lays out a framework for resolving the Commission's civil enforcement action." As previously reported, Ripple will only pay $50 million of the initial $125 million civil penalty. In its Thursday statement, the Atkins SEC clarified that its decision to settle with Ripple relies solely on the Commission's "ongoing efforts to reform and renew its regulatory approach to the crypto industry, not on any assessment of the merits of the claims alleged in the action." Crypto Users Weigh In on News While Garlinghouse has said earlier this year that the lawsuit is over, it's not completely the end of the story for the hard-fought legal battle. Crypto macro analyst Arlone Abello, who is prominently known as Coach Miranda Miner in the crypto community, explained that even if Ripple and the SEC have agreed to settle, Judge Analisa Torres, who oversees the case, still has to sign off on the agreement. so what is the next step? 👇👇 If Judge Analisa Torres agrees with the request, then the SEC and Ripple will move the Court of Appeals for the Second Circuit (Appeals Nos. 24-2648 & 24-2705) to remand the case back to her court under Federal Rule of Appellate Procedure 12.1.… — Coach Miranda Miner (@MiningMiranda) May 8, 2025 One XRP holder, agreed to Abello's comments, but added that while the case "should be good to go," the politicized manner with which the crypto industry has been entangled with in recent months may still change the regulatory agency's tone. yes, Torres needs to approve and then the have to go to another court to clean up the appeals. 2 or 3 steps left. Should be good to go, but since everything is politicized nowadays, you never know. — WindyCityRipple (@xChicoman) May 8, 2025 For one crypto user, the lawsuit won't be over until the SEC "posts it like they've done [with] all the other cases." Several others on X believe it might take several more months before the case finally reaches its end. It could take another few months to finalize — Oliver Cromwell (@__Wait_for_it_) May 8, 2025 This will not be completely settled until August. While very positive, there are other steps to settle this. — Tim Welch (@tkdc1965_tim) May 8, 2025 $XRP Still Pumps Despite the case not reaching its total end just yet, XRP surged overnight, trading as high as $2.33 at one point during a crypto market rally over the U.S. securing a trade agreement with the United Kingdom. The popular digital asset has yet to see a major breakthrough in price action, but it has one of the largest communities and supporters across the broader crypto sphere. © Copyright IBTimes 2024. All rights reserved.
Yahoo
10-04-2025
- Business
- Yahoo
Ripple to Acquire Prime Broker Hidden Road for $1.25B, Expanding Institutional Push
Ripple agreed to acquire multi-asset prime brokerage firm Hidden Road for $1.25 billion, marking one of the largest M&A deals in the digital asset industry to date. CoinDesk reported that Hidden Road was in active takeover talks last week. Hidden Road clears over $3 trillion annually across foreign exchange, derivatives, digital assets and fixed income markets, with more than 300 institutional clients, according to a press release, which didn't specify the funding terms of the deal. The agreement comes hot on the heels of last month's deal by crypto exchange Kraken to buy NinjaTrader, a U.S. futures trading platform, for $1.5 billion. Few crypto deals with announced values have topped $1 billion. Among them, payments processor Stripe finalized a deal to buy stablecoin platform Bridge for $1.1 billion last year. In 2021, Galaxy Digital (GLXY), a crypto financial services company, agreed to buy custody specialist BitGo for $1.2 billion in a deal it abandoned just over a year later. 'With the U.S. market finally opening up and digital assets maturing for institutional adoption, this is an inflection point,' Ripple CEO Brad Garlinghouse said in a statement. 'We are accelerating our expansion, leveraging XRP and our broader solutions to bring traditional finance and crypto closer together,' Garlinghouse added. Ripple said it will inject fresh capital into Hidden Road to expand its clearing, prime brokerage, and financing operations, aiming to make the firm the largest non-bank prime broker globally. The deal also strengthens Ripple's stablecoin ambitions. Hidden Road will use Ripple's U.S. dollar-backed stablecoin, RLUSD, as collateral across its prime brokerage platform. That makes RLUSD the first stablecoin enabling efficient cross-margining between traditional and digital asset markets, Ripple said. Hidden Road also plans to migrate its post-trade operations onto the XRP Ledger (XRPL), aiming to reduce costs and streamline settlement processes. Ripple expects the move will further showcase XRPL as a blockchain optimized for institutional DeFi use cases. Ripple, which participated in Hidden Road's Series B round and has been a customer of its platform, said the deal is expected to close in the coming months pending regulatory approvals. The company currently holds over 60 regulatory licenses globally. Read more: Crypto-Friendly Prime Broker Hidden Road in Active Takeover Talks: Sources Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. UPDATE (April 8, 15:30 UTC): Adds fourth paragraph with other $1 billion+ acquisitions. Sign in to access your portfolio
