Ripple boss believes crypto exchanges must not ban Dogecoin, here’s why
At the Collision 2022 conference in Toronto that took place on June 23, Ripple Chief Brad Garlinghouse spoke with Wired Global Editor Gideon Lichfield about crypto regulation, the regulation of centralized crypto exchanges, the collapse of Terra’s stablecoin, UST, and other spikes.
In particular, the Ripple boss mentioned Dogecoin, opining on why there must not be too much regulation related to crypto trading on exchanges.
“Dogecoin trades based on Elon Musk tweets”
Garlinghouse singled out Dogecoin as an example of a dodgy asset when asked whether reputable exchanges should be allowed to trade anything customers want or whether traders and investors should be protected and therefore certain assets should be prohibited.
The CEO stated that if he were an exchange, he would want to provide liquidity for cryptos or pairs of cryptos that people want to trade, even a coin like DOGE. Garlinghouse reminded the audience that Dogecoin was made as a joke in 2013, many of the initial developers have already left the project and Dogecoin “seems to trade primarily based on Elon Musk’s tweets.”
The customer is always right, he summed up, and companies don’t tell them whether exchanging something is right or wrong.
Still, the Wired editor-in-chief referred to the original meme cryptocurrency with the phrase “something as dumb as Dogecoin.”
Garlinghouse compares DOGE to Tesla
Sharing his perspective on whether customers on crypto exchanges should be protected, Garlinghouse said that while the Nasdaq won’t allow trading companies without a viable business plan on the New York Stock Exchange, Tesla could not have gone public and become the company it recently became thanks to Elon Musk.
He concluded by saying that giving exchanges power to regulate the assets they trade seems dangerous.
Regarding crypto volatility, the CEO said the Nasdaq Composite Index peaked before the pandemic and is now down around 50%, while the cryptocurrency market is down. around 65%, which means that every asset has some degree of volatility.
