CEO Ripple supports US Treasury Secretary's position on regulating cryptocurrencies

Ripple CEO Brad Garlinghaus said that U.S. Treasury Secretary Stephen Mnuchin discussed the cryptocurrency issue with him. On Monday, Mnuchin held a press conference on the regulation of the industry.

Garlinghaus agrees with the Minister of Finance that cryptocurrencies will not replace fiat currencies, at least "not in our era.

"But, as Mnuchin pointed out, you can't cut the entire industry into one comb - it's come a long way since Silk Road. To succeed, we need to work with regulators and within the established limits," he writes.

Garlinghaus believes that regulation of the cryptocurrency is incompatible with "ignoring, laughing or fighting. If we want to make the most of it, we need to work with the existing financial system, not go against it," adds CEO Ripple. - Otherwise, we risk crushing innovation in the U.S. and allowing foreign interests to take over a new sector of the global economy.

Commenting on the development of Facebook's own cryptocurrency, Garlinghaus stressed that the initiative aimed at creating a new fiat currency "should be based on the same standards as other regulated financial institutions.

Whether the XRP cryptocurrency developed by Ripple was mentioned in the conversation with the Minister of Finance was not specified by Garlinghaus.