Ripple CEO: "US Crypto Trading Is 90% Offshore" With Clarity Act Ticking

Garlinghouse took direct aim at JPMorgan CEO Jamie Dimon, who recently criticized the Clarity Act and broader crypto industry. “Jamie Dimon has been dismissing this industry for a decade,” he said, noting JPMorgan’s roughly $20 billion in annual payments revenue and more than $5 billion in profit as a powerful incentive to “maintain the status quo.”

He argued Dimon’s suggestion that the bill weakens compliance is “either intentionally misrepresentation or even negligent,” stressing that registered digital commodity exchanges under the bill would still be subject to AML and KYC rules, as the chair of the CFTC also emphasized in a separate segment.

The industry, he said, “wants clarity and wants regulation,” and fears of enabling “bad things” are misplaced.

According to Garlinghouse, around 90% of crypto trading currently occurs offshore, a direct result of regulatory uncertainty in the US. He said the Clarity Act would give institutions confidence that “a future regulator, a future Gary Gensler” could not easily reignite enforcement crackdowns, enabling the US to lead rather than lag in digital assets.

On Ripple’s business, Garlinghouse said the company expects to end the year at a $1 billion revenue run rate, excluding XRP holdings, driven largely by non‑US growth. Ripple remains “really focused on the enterprise,” serving banks, payment providers, prime brokers and corporates rather than retail traders.

The CEO highlighted strong demand for Ripple’s treasury infrastructure, described as a “CFO’s dashboard” for monitoring liquidity and currency positions across global bank accounts.

He said corporate finance teams are increasingly asking how stablecoins can fit into that mix, and flagged Ripple’s RLUSD stablecoin as central to solving cross-border payment frictions. A stablecoin product launched about 18 months ago is already “a top five stable coin,” he claimed, and continues to grow.

Brad Garlinghouse also announced a new AI starter kit for the XRP Ledger, a set of tools for developers to build agentic AI applications that can initiate payments on-chain.

Citing recent moves by MasterCard to partner with dozens of firms on similar infrastructure, he argued Ripple must be “future ready and future proof” for AI-driven payments, while warning he would not yet connect an AI agent to his primary bank or brokerage account without far stronger safeguards.

On M&A, Brad Garlinghouse said Ripple is currently focused on integrating two large recent acquisitions, though he expects “dynamic activity” to continue in the sector and left the door open to more deals, supported by what he called a strong balance sheet in both fiat, stablecoins and XRP.

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