Ripple CEO Slams Slow Gold Moves as XRP Ledger Speeds Up

Ripple's top executive called out a major European bank for moving gold the old-fashioned way. The Dutch central bank shifted $11 billion worth of gold between New York and London. But most of that wasn't real movement. Nearly 70% was just paperwork. Only 27 tonnes actually traveled across the ocean.

Brad Garlinghouse used that example to highlight how slow traditional finance can be. He compared it to crypto, which grew from a $1.5 billion experiment to a $2.7 trillion market in ten years.

Digital networks move faster. The Bank for International Settlements tested the XRP Ledger recently. It connected central bank data in three to five seconds. Check times were even quicker, just one to two seconds.

Still, many central banks stick with physical gold and paper trades. They say it's safer during crises. Meanwhile, XRP trades around $1.41, up slightly today.

Garlinghouse is also asking U.S. lawmakers to act. He wants them to pass the CLARITY Act. His goal is to keep crypto innovation in America. He spoke up after meeting with White House tech and finance leaders.

The Senate plans a key vote on September 15 at 2:15 PM ET. Supporters need 60 votes to move forward. But the path isn't clear. Fights over DeFi rules and consumer protections have delayed things.

On top of that, House leaders canceled meetings for late September. They want to start election recess early. That means the bill may not pass this month, even if the Senate votes yes. Prediction markets reacted fast. Betting odds dropped after the House announced its early break.