Ripple CEO Brad Garlinghouse recently commented on the ongoing tension between the crypto industry and traditional banking groups following public comments about the stablecoin’s revenue talks at the White House.
His response followed a series of messages on X featuring journalist Eleanor Terrett and White House adviser David Sachs, in which Garlinghouse finally sent a message to banks urging them to act with integrity.
Stablecoin yield talks spark online debates
The last one chapter in the story of crypto-vs-banks opened on social media platform X, where journalist Eleanor Terrett reported on the implications of the controversial White House meeting on stablecoin revenue rules. Interestingly, Patrick Witt was the White House Digital Assets Advisor that the purpose of adopting laws from March 1, but this deadline has not been fulfilled.
According to Terrett, an unnamed source who claimed to be directly involved in the negotiations painted an inaccurate picture of the negotiations, a description that caused the banking side to push back.
Terret reported Bank trade representatives from the American Bankers Association (ABA), the Independent Bankers Association of America (ICBA) and the Banking Policy Institute, who all attended the White House meeting, were “surprised” by the unnamed source’s design and disagreed. These views are related to the source’s claims that there is a real possibility of negotiations disintegrates unless Ripple CEO Brian Armstrong comes to the table.
David Sachs, chairman of the President’s Council of Advisors on Science and Technology and White House crypto czar, responded to Terrett. Crypto policy broker praises Patrick Witt, Sax wrote that The crypto industry has already made big concessions about stablecoin yields and called on banks to respond. The issue around fixed coin income is whether digital dollar issuers should be allowed to offer interest returns to their holders.
Ripple’s CEO says banks need to act in good faith
There are still problems with brokering the deal between banks and the crypto industry. Coinbase CEO Brian Armstrong Expresses Concern About Crypto Bill, Says Banking Interests in Bill They tried to suppress the competition. However, Armstrong later explained that there is now the way forward for a “win win” result for the crypto industry, the banking sector and American consumers.
According to the comments of Ripple CEO Brad Garlinghouse, the ball is now in the court of the banks, who must act in good faith. “The door to a deal is wide open. Banks just have to act in good faith and go through with it.” Garlinghouse said.
This position is consistent with Garlinghouse’s support for collaborative and pro-crypto legislation. CEO of Ripple he predicted recently The long-delayed Clearinghouse Act will be passed by the end of April. The bill is intended to define the structure of the digital asset market and reduce uncertainty in the scope of jurisdiction between regulators.
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