저자: BradGarlinghouse · 외국인
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CLARITY Act 상원 통과 시한 임박(8월 휴회 전 16 입법일), 갤럭시 60% 통과 확률. 제이미 다이먼의 법안 비판은 오독이며 암호화폐 기업은 AML/KYC 적용받는다고 반박. 미국 거래 90%가 해외에서 이뤄져 법안이 국내 거래를 늘린다고 주장. 리플은 기업 고객 중심, 연 매출 10억 달러 런레이트 목표, RLUSD 스테이블코인 상위 5위권이라 주장. 비트코인은 약 62,727달러, 이란 보복 공습으로 위험선호 감소.
다듬은 글
Welcome back. The Senate is running out of time to get the Clarity Act passed before the August recess. We are 16 legislative days away from the recess. When you look at the House, lawmakers are working to eliminate any bad actor provisions and ethical issues within the bill. I spoke with the chairman of the CFTC this morning, Michael Celig, who called Jaime Diamond Jamie Diamond's comments to me a misreading of the bill.
watch this statute certainly will impose AML KYC requirements on the exchanges that are registered with the CFTC to act as digital commodity exchanges. So that piece uh I I think is a maybe a misreading of the statute but I but of course there are these entrenched interests fighting the bill. What this administration believes in is competition and innovation.
We believe in regulation. We want to set clear rules of the road and make sure that investors are protected, customers are protected, and that our markets are well functioning. But we also want to allow for this innovation. If we don't have it here, it's not going to go away. It will go to China. We'll go to, you know, some foreign country.
And we're just going to miss out on that. So America needs to lead. We need a clear statute that sets the rules, and that's going to really allow our markets to continue to evolve if they, as they've done. Crypto this morning meanwhile is higher. Take a look. Bitcoin at 62,727. The others also fractionally higher.
Bitcoin uh this morning is higher, but investors risk appetite has been decreasing as the US launched retaliation strikes against Iran. President Trump said moments ago, by the way, that the US is planning on taking over Carve Island in the Gulf in the not tooistant future. Joining me now is the CEO of Ripple, Brad Garlinghouse, back with us.
Brad, good to see you. Good. Thank you so much for being here. And and let me just say that Galaxy is predicting a 60% chance that the Clarity bill passes before the August recess. That's lower than a previous estimate. But you heard what Jamie Diamond said to me. He's not happy with the Clarity Act.
He doesn't like the fact that the crypto companies will be able to pay rewards. He's going to fight it um and and uh continue fighting it. He doesn't believe Brian Armstrong at Coinbase is representing the industry. What is your take from Ripple's standpoint? Well, first I think you have to recognize that Jaime Diamond has been dismissing this industry for a decade.
He's called it a Ponzi scheme. He's called Bitcoin a pet rock. And if you look at JP Morgan, they generate $20 billion of revenue from their payments business and five over five billion of profit. So I think Jaime Diamond also should be clear that you know he is trying to protect and dig a deeper moat for a business that's extremely profitable for them and they want to kind of maintain the status quo.
So I think you know as much as we could talk about whether or not Brian Armstrong is representing the industry, he's not. He's representing Coinbase and in certain ways he's going to look out for Coinbase's best interest. But at the end of the day, I think what Jamie Diamond did a disservice around when he he did that interview with you, which I think was a great interview, is that he's representing that there's this reduces compliance concerns or it actually makes it easier to do bad things.
And that's just not true. It's either intentionally misrepresentation or even negligent to try to make uh support for the Clarity Act go away. Okay. Well, well, Brad, I mean, this is this is a victory for for Ripple and it's a victory for the crypto industry. How do you turn or convert regulatory victories here where you are looking at a framework and you are looking at the regulation um open up for for the crypto industry?
How do you turn that into financial adoption when when you look at Main Street, when you look at potential customers? Well, you let's look at it. Start with the consumer. 90% of crypto trading right now is offshore, not in the United States. That isn't protecting us consumers. We actually want that to be and have protections by adopting frameworks so that more of that happens domestically.
That is a step, you know, a positive step. Now, as you know, Ripple is really focused on the enterprise. We serve banks, we serve payment providers, we serve prime brokerage customers, you know, corporates. So, we're we're not focused on consumers. And what we find is when something like the Clarity Act gets passed, that certainty allows CFOs and treasurers and bank executives to lean in where right now they might be a little bit nervous that a future regulator, a future Gary Gendler, who really was attacking this industry could, you know, rekindle some of those attacks.
And so the Clarity Act really puts that to bed. As Tim Scott said on this show earlier today, it allows the United States to lead in an industry where we have been lagging because we haven't had this clarity. The industry wants clarity and wants regulation. And when you have Jamie Diamond representing that somehow we're trying to circumvent regulation.
Like nothing could be further from the truth. Well, well, Ripple is launching a new AI starter kit for the XRP ledger. uh curated set of tools to allow developers to build agentpowered applications and make payments on the company's ledger. Brad, this is a big deal. Congrats on this launch. Tell us more about this.
Well, we all, I think, are trying to figure out what AI is going to how it's going to change our economy, how it's going to change workers, but it's also going to change infrastructure. And you are already seeing really experimentation and science experiments, but you're seeing examples where AI agents actually are enabling payments.
And so we want to make sure that we are future ready and futurep proof is how we think about XRP and the XRP ledger. There's an announcement yesterday where Mastercard is partnering with about 30 different companies in the industry to help construct some of that. Uh we were a part of that and we certainly think there's going to be more opportunity around that.
That's not to say there's not going to be risks. You know, I I think sometimes the the excitement around these things get ahead of reality. You know, I'm not going to go connect a AI agent to, you know, my brokerage account or my primary checking account. I'm happy to go experiment and you know to do things and let's see where this all goes but I think there's going to have to be a lot of protections and structure around that before people really connect their bank account to an AI agent.
Well, you're right and that that is why I think there is a a a very significant amount of seriousness on this issue in government. People recognize that there are risks to agentic AI. we've seen, you know, evidence that they can act or behave unpredictably. So, what kind of legislation do you want to see in place in terms of putting the guidelines and and and when we look at uh Congress passing comprehensive digital assets legislation?
What does that unlock for Ripple right now that cannot happen currently? Well, look, I I think as we have seen, we're kind of late to the game with legislation around digital assets. I think we should get ahead of that around AI. Ripple isn't obviously going to lead that effort in the way we have around digital assets.
But again, unlocking that clarity. I mean, Ripple has grown dramatically over the course of the last year without that. A lot of that growth is non US. We expect to end this year with a billion dollar revenue run rate, not including the XRP on our balance sheet. So, we're seeing dramatic growth because we're able to serve a broader set of customers.
There's significant demand. And even as I said earlier, Jaime Diamond used to, you know, only say bad things about this industry and even he is acknowledging things like stable coins are are really going to be an integral part of our future payment system. Oh, you're absolutely right. So, so when you look at the growth story at at Ripple, we want to take a look at XRP this morning, but where is the next major growth market right now for Ripple?
Is it in is it in payments? Is it at tokenized assets? Is it stable coins or or banking infrastructure? Well, look, we have seen dramatic growth in our what we call Ripple Treasury. Ripple Treasury is infrastructure. Think about it as a a CFO's dashboard. So, if you're uh running a a Fortune50 all the way down to a Fortune 2000 company and you've got bank accounts and currencies around the world, having a single snapshot so you can see what currencies you're holding, where your liquidity is, that has been a big growth area for us.
And what we know is those CFOs more than ever before are asking, hey, how could stable coins fit into that mix and the opportunity to then bring RLUSD, Ripple stable coin to the four and solve those payments problems and just making it seamless. I'm super excited about the acquisitions we made last year and how these different pieces fit together and unlock for customers like CFOs, four customers around payments and our stable coin growth.
you know, we launched uh that about 18 months ago and it's already a top five stable coin. We're continuing to see growth there and you we're certainly excited about, you know, what's ahead in 2026. Well, those those acquisitions certainly made a lot of investors believe that Ripple has become part part of the global financial system and and do you want to do more acquisitions to continue scaling up?
Do you need that to scale up? You know, right now, Maria, it's kind of uh, you know, focus on what we have, stick to our knitting a little bit. Uh, when you go out and buy two kind of very large organizations, you're integrating those, you kind of want to take a moment and digest. There is, however, a lot of dynamic activity in our industry.
Uh, you saw Bullish, a public company, launch, announce a deal for a quinity, which I think is a very smart deal for them. So, I think you're going to continue to see opportunities and we we will remain proactive. We have a very strong balance sheet both in dollars and stable uh and in XRP. Brad, it's great to have you.
We're watching the growth story certainly and we will talk soon. Thank you, sir. Thanks, Brad Garlinghouse joining us from Ripple. We'll be right back.
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