- Brad Garlinghouse has shown interest in acquiring certain assets of FTX.
- The Ripple CEO wants to purchase FTX-owned companies that serve business customers.
- Meanwhile, Joe Biden has decided to lay some crypto regulations in place to avoid crypto mishaps.
Brad Garlinghouse, the CEO at Ripple, has shown interest in acquiring certain assets of the bankrupt crypto exchange FTX. Garlinghouse appealed to purchase other companies owned by FTX that served business customers.
The move will likely help Ripple strategically scale the company amid the bear market. Sam Bankman-Fried, the founder of FTX, had called Garlinghouse just two days before he filed for bankruptcy in the hope of finding investors to back him up. During the call, the two discussed business prospects regarding assets that Ripple may want to own.
A snippet of Garlinghouse’s conversation with Bankman-Fried included:
Part of my conversation was if he needs liquidity, maybe there are businesses that he has bought or he has that we would want to own […] Would we have bought some of those from him? I definitely think that was on the table.
However, Garlinghouse believes that the transaction will not be an easy one as FTX filed for chapter 11 bankruptcy in the United States. As per the filings, nearly 130 companies affiliated with FTX, including FTX.US, were included in the bankruptcy filing in the court of Delaware.
Subsequently, some subsidiaries such as LedgerX, FTX Digital Markets, FTX Australia Pty, and FTX Express Pay were not included in the proceedings.
In other news, in order to avoid other crypto-related mishaps, President Joe Biden has decided to lay some crypto regulations in place.
The President said in a recent G-20 Leaders Summit:
to ensure that the crypto-assets ecosystem, including so-called [traditional currency-pegged] stablecoins, is closely monitored and subject to robust regulation, supervision, and oversight to mitigate potential risks to financial stability.
Concurrently, several leaders present at the summit welcomed the proposal to implement a comprehensive international framework for crypto activity regulations.
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