Ripple CEO is optimistic the crypto industry will be stronger after the FTX fiasco if transparency and trust remain its priority

Ripple Labs CEO Brad Garlinghouse believes the crypto industry will be stronger after the FTX collapse if transparency and trust remain its focus. He stressed the importance of having “honest conversations about solving real-world problems with crypto and blockchain.“

Ripple’s CEO is optimistic about the crypto’s recovery from the FTX collapse.

Ripple Labs CEO Brad Garlinghouse shared his thoughts Wednesday on the recovery of the crypto industry after the collapse of FTX at Ripple Swell, an annual conference hosted by Ripple. FTX filed for Chapter 11 bankruptcy protection last week.

Reiterating what he said on stage at the conference, Garlinghouse tweeted:

I firmly believe that crypto will be stronger because of this if we continue to focus on transparency and trust. Ripple has been and will continue to be the leader in this area.

“With all that has happened over the past few weeks (and during the ups and downs of this year), it seems even more imperative that we came together in person to have honest conversations about solving real-world problems with crypto and blockchain“, he wrote in a follow-up tweet.

Brad Garlinghouse told CNBC on Wednesday that the idea that crypto is unregulated is “exaggerated“, adding:

Crypto has never been all sunshine and roses and as an industry it needs to mature … Transparency creates trust.

Ripple is currently seeking a license in Ireland to help its expansion into the EU, Stuart Alderoty, the company’s general counsel, told the media on Friday.

The company’s European expansion comes in light of a new regulatory framework provided by the proposed Crypto Asset Markets Act (MiCA), which aims to align crypto asset rules across EU countries. “I think MiCA is a very good start“, said Stuart Alderoty.

Regarding the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple, Garlinghouse and co-founder Chris Larsen over the sale of Ripple shares. Stuart Alderoty and Brad Garlinghouse both expect a decision in the first half of 2023. Final legal briefs are expected by Nov. 30, after which a judge can either issue a ruling or send the case to a jury trial. “We are at the beginning of the end of the process in our case“, estimated Stuart Alderoty.