CEO, Ripple
‘NEGLIGENCE’: Ripple CEO BLASTS Jamie Dimon for crypto HYPOCRISY
Ripple CEO Brad Garlinghouse discusses the CLARITY Act, crypto markets, Ripple's new AI developer toolkit and what's next for XRP as investors watch key support levels on ‘Mornings with Maria.’ #foxbusiness #morningswithmaria
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About Brad Garlinghouse
Brad Garlinghouse, CEO of Ripple, has been active in public discussions about cryptocurrency regulation, stablecoins, and the company's business strategy. He criticized JPMorgan CEO Jamie Dimon, stating that Dimon has "been dismissing this industry for decades" and suggested Dimon is trying to protect JPMorgan's profitable payments business by opposing the CLARITY Act. Garlinghouse described Dimon's comments as "either intentionally misrepresentation or negligent." He expressed optimism about the CLARITY Act, predicting in late April that if it does not get out of committee by the end of the third week of May, "we're in real trouble," but that it would likely pass the Senate if it clears committee. He later said the chances of passage were around 80%, noting that prediction markets had reached the same figure. Garlinghouse also discussed Ripple's business developments, including the launch of an AI developer toolkit and the growth of its stablecoin, which he said had become a top-five stablecoin by growth 18 months after launch. He predicted the stablecoin market cap would reach $3 trillion by 2031. Regarding AI, he called layoffs attributed to AI a "travesty," arguing that AI is an "unlock and enabler" for growth rather than a tool to reduce headcount. He stated that Ripple has not prioritized going public and that the company remains focused on enterprise clients, including banks and payment providers.
Transcript (16 segments)
✨ AI-enhanced transcript with speaker attribution
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Host0:05
Welcome back, Senate. Running out of time to get the Clarity Act passed before August recess. 16 legislative days away from recess at House. Lawmakers working to eliminate any bad actor provisions. Ethical issues. I spoke with Chairman of the CFTC Michael Selig. Called Jamie Dimon's comments to me a misreading of the bill. Watch.
M
Michael Selig0:34
This statute certainly won't her at requirements on changes with CFTC. That piece I think is a misreading of the statute. But of course there are entrenched treasurer fighting what administration believes in is competition. Innovation we believe in. Regulation we want to set clear rules of the road, make sure investors protected, customers protected, markets well-functioning. We also want innovation. If we don't have it here, it's not going away. It will go to China or go to some foreign country. We are going to miss out on that. America needs to lead. We need a clear status that sets the rules that is going to really allow our markets to continue to evolve as they've done.
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Host1:24
Crypto this morning higher. Take a look. Bitcoin 62,727. Others fractionally higher. Bitcoin this morning higher but investors risk appetite decreasing as U.S. launched retaliation strikes against Iran. President Trump said moments ago U.S. is planning on take over Kharg Island in the Gulf in not too distant future. Joining me, CEO of Ripple Brad Garlinghouse. Back business. Good to see you.
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Brad Garlinghouse1:53
Thank you very much for being here. Let me say Galaxy predicting 60% chance Clarity Act bill passes before August recess, lower than previous estimate. You heard what Jamie Dimon said to me. Not happy with Clarity Act. Doesn't like that crypto companies will be able to pay rewards. Going to fight it and continue fighting it. Doesn't believe Brian Armstrong at Coinbase is representing the industry. What is your take from Ripple's standpoint?
First, I think you have to recognize Jamie Dimon has been dismissing this industry for decades. Called it Ponzi people, Bitcoin a pet rock. If you look at JPMorgan, they generate $20 billion revenue from their payments business, over $5 billion profit. So I think Jamie Dimon also should be clear that he is trying to protect and dig a deeper moat for a business extremely profitable for them to maintain status quo. As much as we talk about whether or not Brian Armstrong is representing the industry, he is not. He is representing Coinbase. Going to look out for Coinbase's best interests at the end of the day. I think what Jamie Dimon did a disservice when he did that interview with you. I thought it was a great interview, but representing that there is this reduces compliance concerns or makes it easier to do bad things, that is just not true. It is either intentionally misrepresentation or negligent to make support for Clarity Act go away.
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Maria3:24
Okay, Brad. I mean this is a victory for Ripple, a victory for the crypto industry. How do you turn or convert regulatory victories when you are looking at a framework and you are looking at the regulation open up for the crypto industry? How do you turn that into financial adoption when you look at Main Street, when you look at potential consumers?
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Brad Garlinghouse3:52
90% of crypto trading is offshore, not in the United States. That isn't protecting U.S. consumers. We want to have protections by adopting frameworks so more happens domestically. That's a positive step. Ripple is focused on enterprise. We serve banks, payment providers, serve prime brokers, customers, corporates. Not focused on consumers. When Clarity Act gets passed, that is certainty in laws for CFOs, bank executives to lean in. Now might be nervous a future Chair Gensler was attacking industry. Could rekindle some attacking. The Clarity Act puts that to bed. As Tim Scott said earlier today, it allows the United States to lead in an industry where we have been lagging because we haven't had clarity. The industry wants clarity and wants regulation. And when you have Jamie Dimon representing somehow we are trying to circumvent regulation, nothing could be further from the truth.
M
Maria4:58
Um-hum. Ripple launching an AI starter kit for XRP, curator tools to allow applications to make payments on company ledger. That is a big deal. Congrats on the launch. Tell us more about this.
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Brad Garlinghouse5:15
Well, we are all trying to figure out what AI is going to do. How can it change our economy, change workers, but also going to change infrastructure. And you are already seeing experimentation, agents enabling payments. We want to make sure that we are future ready, future proof. How we think about XRP ledger. We announced master pardon with 350 different companies in the industry to help construct some. We were part of that. I think more opportunity around that. That is not to say there are not risks. I think sometimes the excitement around things gets ahead of reality. I am not going to connect an AI agent to my brokerage account or primary checking account. I am happy to experiment and do things. Let's see where this all goes. I think there is going to have to be a lot of protections and structuring around that before people connect a bank account to an AI agent.
M
Maria6:14
You are right. That is why I think there is a very significant amount of seriousness on this issue. In government, people recognize that there are risks to agentic AI. We've seen evidence that they can act or behave unpredictably. What legislation do you want in place in terms of putting guidelines? When we look at Congress passing comprehensive digital assets legislation, what does that unlock for Ripple that cannot happen currently?
B
Brad Garlinghouse6:49
Look, I think as we've seen, we are kind of late to the game with legislation for digital assets. I think we should get ahead of that around AI. Ripple isn't going to lead that effort the way around digital assets. Unlocking that clarity, Ripple has grown to demonstrate multi-billion dollar run rate, not including XRP. Dramatic growth. Jamie Dimon used to only say bad things about this industry. Now acknowledging stablecoin as a part of the future payment system.
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Maria7:36
You are absolutely right. You look at the growth story at Ripple. XRP this morning. Where is the growth market? Is it payments, tokenized assets, stablecoins, or banking Federal Reserve?
B
Brad Garlinghouse7:54
We've seen dramatic growth in Ripple treasury infrastructure. As a CFO dashboard, currencies aren't the world in a single shop. What you are holding, where liquidity is, is a big growth area. Those CFOs more than before ask how could stablecoins fit into that mix. The opportunity then to bring Ripple stablecoin to the fore to solve payment props seamlessly. I am super excited about acquisitions we made last year. How these different pieces fit together to unlock for consumers like CFOs payments stablecoin growth. We launched 18 months ago and already top five in stablecoin growth. Excited about what is ahead in 2026.
M
Maria8:51
Those acquisitions certainly made a lot of investors believe that Ripple has become part of the global financial system. And do you want to do more acquisitions to continue scaling up? Do you need that to scale up?
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Brad Garlinghouse9:05
Right now it is kind of focused on what we have. Stick to committing to knitting. You want to take a moment and digest. There is a lot of dynamic activity in our industry. You saw a bullish public company announce a deal. I think a very smart deal for them. Continue to see opportunities. We remain proactive. We have a very strong balance sheet in dollars and stable and XRP.
H
Host9:39
Great to have you. Watching the growth story. We will talk.