He recently talked about crypto and the latest project in the crypto space, Facebook’s Libra, and as you probably expected, he’s definitely not a fan.
Brad Garlinghouse, on Libra
He said that the huge amount of attention it has garnered is a net positive for the future of finance.
“I think on the most macro level, it’s been good for the world because it’s brought a lot of attention on a set of technologies that really can’t benefit mainstream banking, mainstream consumer experiences around banking,” Garlinghouse said.
He continued and explained, “I think there’s a little bit of, perhaps, arrogance – maybe Silicon Valley arrogance – with how Facebook approached this, and just somewhat brazenly running into some things without checking some of the boxes.”
Regulation is a must in the crypto space
Garlinghouse believes that in order for these technologies to be used well and for people to be able to enjoy their benefits and advantages, it all has to be done in a “regulatory, compliant way.”
He believes that risk should be eliminated from the crypto space as much as possible:
“We can’t expose more risk – whether it’s terrorism financing, whether it’s money laundering. These are things that, from its core, Ripple has really been focused on making sure we’re partnering with the existing system.”