Ripple CEO Dismisses AI as Excuse for Corporate Layoffs

Ripple CEO Brad Garlinghouse dismissed the narrative that AI is behind corporate job cuts, saying companies attributing layoffs to AI may be using it as an excuse for already 'bloated' workforces. He pointed out that workforce reduction shouldn't necessarily be attributed to AI and gave the example of Block's (XYZ) layoffs.

Garlinghouse argued that Ripple is on course for a record year, with revenue expected to more than double year on year despite headwinds in the larger crypto market. He noted that companies dependent only on retail crypto trading are more vulnerable to market downturns, while institutional adoption could prove more resilient, something Ripple has achieved with its RLUSD stablecoin, partnering with major Wall Street corporations like BlackRock (BLK) and BNY Mellon (BNY).

The CEO also chimed in on the Clarity Act, stating that while Ripple has already gotten what he referred to as legal clarity around XRP after its year-long battle with the Securities and Exchange Commission (SEC), the crypto industry needs a comprehensive regulatory framework in the U.S. He added that a federal judge has ruled that XRP 'in and of itself' is not a security, but argued that the broader industry still needs clearer rules.