• Ripple executives have spoken out about the banking crisis in the US and how it has affected the company.
• Ripple CEO Brad Garlinghouse clarified that there will be no disruption to day-to-day operations, as the company holds much of its US dollars with a broader network of banking partners.
• Ripple executives assess the intervention as necessary, and Susan Friedman, International Policy Counsel at Ripple, said that crypto is a legal industry within the US that deserves to be banked.
Impact on Ripple
Ripple has been affected by the collapse of Silicon Valley Bank (SVB). As Ripple CEO Brad Garlinghouse clarified on Sunday, the company is affected “to some extent.” SVB was a banking partner and held a portion of Ripple’s cash balance. Still, Garlinghouse assured that there will be no disruption to day-to-day operations, as Ripple holds much of its US dollars with a broader network of banking partners.
Ripple Assesses The Intervention
While some have called the recent intervention a bailout, U.S. President Joe Biden stressed yesterday that the rescue is not at taxpayer expense and is funded by fees banks pay into the deposit insurance fund. Ripple executives also see the intervention as necessary and believe it was only right decision made by Senator Liz Warren to protect billions of dollars from being lost in deposits. Susan Friedman, International Policy Counsel at Ripple argued further that crypto is legal industry within US borders that should be banked without prejudice or discrimination.
Acknowledgement From Chief Legal Officer
Stuart Alderoty, Chief Legal Officer for Ripple praised California Congressman Ro Khanna on Twitter for his role in protecting depositors’ funds from Silicon Valley Bank customers. He thanked Khanna for his leadership and noted how this bailout includes startups tackling issues related to healthcare, climate change, AI, fintech national security – including crypto companies too! Alderoty also emphasized that “none of this money” comes from taxpayers but from taxes imposed on banks which are then redirected towards Federal Deposit Insurance Corporation (FDIC).
Confidence After SEC Defeats This Week
Ripple Executives voiced confidence after this week’s defeat against SEC – showing their resilience in face of adversity! They remain confident in their actions and are still committed to pushing forward with their mission despite any setbacks they may experience along their journey.
The impact of this crisis on businesses like Silicon Valley Bank cannot be underestimated however as an industry we must recognise its importance in keeping our economy running smoothly during these turbulent times – something which can only benefit everyone involved! In addition to this acknowledgement we must also acknowledge those who worked hard towards ensuring companies got access to capital during these trying times – such figures include Congressman Ro Khanna who worked hard alongside other members government ensure funds were available for bailouts where applicable!