Ripple CEO tells cryptocurrency industry to ‘work with the regulators’

The CEO of widely-followed payment network Ripple carries a request for everyone inside cryptocurrency industry: Cooperate with regulators.

“which’s incredibly important which the entire industry recognizes which we have to work with the regulators, we have to work with the system, ” Ripple CEO Brad Garlinghouse said in an interview which aired Wednesday on CNBC’s “Fast Money.” “The blockchain revolution will be happening through within the system which’s not going to happen through outside the system.”

Bitcoin dropped below the key $10,000 level Wednesday after the Securities in addition to Exchange Commission said which 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 which truly advocated not just down with banks yet down with governments, we have been a contrarian relatively speaking in which regard,” said Garlinghouse, who has an estimated net worth of $3.7 billion in addition to ranked 210 on Forbes’ list of richest Americans.

San Francisco-based Ripple will be developing a network for fast, global financial payments. XRP will be the name of the digital token which financial institutions on the network can use to transact quickly.

The digital currency, which was trading near 88 cents Wednesday according to Coinmarketcap data, will be listed on more than 60 exchanges yet will be not yet available on well-liked U.S. exchange Coinbase.

A CoinDesk article in addition to some Twitter users speculated earlier which week which Garlinghouses’s appearance on “Fast Money” the same day as Coinbase President in addition to Chief Operating Officer Asiff Hirji signaled an announcement was coming soon.

“Coinbase will have to decide what they want to do in addition to make the announcements which are appropriate for them,” Garlinghouse said, adding which he could not “comment on the status of those sort of things.”

Garlinghouse highlighted Cirlcle’s acquisition of Poloniex in late February in addition to predicted more deals as the asset class grows.

“I think there’s going to more consolidation in addition to I think they will grow in size,” Garlinghouse said. “The Fidelitys of the earth will be in which space.”

Ripple the company has about $60 billion worth of the digital currency XRP, Garlinghouse said, which which plans to use as an asset to invest back into XRP development.

inside last half year, Ripple has announced a handful of financial firms are at least testing the use of XRP for cross-border payments.

Just Thursday, global payments company Fleetcor in addition to its subsidiary Cambridge Global Payments will test the use of XRP. The announcement follows news in January which MoneyGram will test XRP, as will MercuryFX in addition to IDT.

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