Ripple CEO: Libra Digital Money Program will strengthen stricter regulation across the industry

Brad Garlinghouse, chief executive of cryptocurrency Ripple, said he is concerned that Facebook's plans to launch Libra's digital currency will lead to tighter regulation of the entire industry. Garlinghouse said he was shocked when US President Trump responded to Twitter's decision to launch Libra on Twitter. Trump opposes cryptocurrencies on Twitter, saying they may "encourage illegal behavior." But Garlinghouse said that the use of cryptocurrencies for money laundering and other criminal activities should not apply to Ripple's XRP. Transfers via the Ripple network can only be done by regulated financial institutions, which must comply with anti-money laundering and customer-clearing rules, regardless of the method used to conduct cross-border payments.