- Ripple CEO announced its new stablecoin RippleUSD (RLUSD) launch.
- RLUSD aims to address market needs after USDC depegged 18 months ago.
Brad Garlinghouse, CEO of Ripple announced at Korea Blockchain Week in Seoul that the company is nearing the launch of its new stablecoin, Ripple USD (RLUSD).
Set to launch within weeks, RLUSD is currently in a closed beta phase. The stablecoin is designed to complement Ripple’s existing XRP tokens. It will be available on two blockchain networks, offering a new option in a market, dominated by USDT and USDC.
Garlinghouse emphasized that Ripple aims to use RLUSD to address market needs, particularly after the USDC depegged 18 months ago. He described this as an opportunity for Ripple to step in with an alternative.
Despite the positive news about the stablecoin, Garlinghouse expressed strong criticism of the U.S. Securities and Exchange Commission (SEC). He stated that Ripple has no plans for an initial public offering (IPO) in the U.S. due to what he described as a “hostile” regulatory environment.
Ripple CEO Criticizes SEC and Encourages Clarity for Crypto
Garlinghouse advised other crypto entrepreneurs against incorporating in the U.S., citing the SEC’s contradictory actions, like approving Coinbase’s IPO and then suing the exchange for the same practices it had approved.
He said:
“In the United States, trying to go public with a very hostile regulator that’s approved your S-1, that doesn’t sound like a lot of fun to me”.
Garlinghouse also discussed the SEC’s recent enforcement action against NFT marketplace OpenSea, calling it “unfortunate” and suggesting that NFTs should not be classified as securities.
Looking ahead, despite the current regulatory challenges he believes that legislative clarity may come from elected officials rather than the SEC. He highlighted the Financial Innovation and Technology for the 21st Century Act (FIT 21) as a positive step.
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