Garlinghouse on US Crypto Reserve: A Multichain Future?
Ripple CEO Weighs In on US Digital Asset Reserve
Ripple CEO Brad Garlinghouse recently shared his perspective on the proposed US national digital asset reserve. The debate extends beyond Bitcoin to encompass other cryptocurrencies, including XRP, sparking controversy within the industry.
Garlinghouse Promotes a Multichain Approach
Despite Ripple's expanding US presence, Garlinghouse champions a multichain future and industry collaboration. He stated on X (formerly Twitter): "The crypto industry has a real shot...to achieve common goals IF we work together." He cited his personal holdings in XRP, BTC, and ETH to exemplify his belief in a multi-asset future. He criticized crypto maximalism, noting a shift away from this viewpoint.
Garlinghouse advocates for a reserve benefiting the entire industry, not just one coin. He stated: "If a government digital asset reserve is created, it should be diversified."
Bitcoin Maximalist Pushback
Skepticism surrounds the inclusion of XRP and altcoins in a national reserve. Bitcoin maximalists argue Bitcoin's decentralized and scarce nature makes it the sole suitable reserve currency. Critics, including Riot Platforms' VP Pierre Rochard, suggest Ripple is lobbying for XRP's inclusion. Ryan Selkis of Messari similarly highlighted Bitcoin's unique characteristics.
Arizona Advances Bitcoin Reserve Bill
While the national debate continues, Arizona's state Senate committee approved a bill establishing a "Strategic Bitcoin Reserve." This bill, championed by Senators Wendy Rogers and Jeff Weninger, now heads to a Senate floor vote. Crypto advocate Dennis Porter hailed this as a significant step, positioning Arizona as a leader in this area.
XRP Price Fluctuations Amidst Market Uncertainty
Against this backdrop of regulatory discussion, the crypto market, including XRP, has experienced price volatility. Crypto analyst Dark Defender predicted a temporary XRP price drop to $2.81 before a potential rebound to $3.67, attributing this to typical market corrections.
At the time of writing, XRP traded at $3.03, a 2% increase from its intraday low of $2.71. During this recovery, XRP's market capitalization and 24-hour trading volume increased by 2% and 266%, respectively, reaching $174.57B and $15.53B.
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