Cardano’s Charles Hoskinson recently pointed the irony of the US government’s unfair position on crypto currencies

The CEO of Ripple, Brad Garlinghouse, took to Twitter yesterday to set the record straight with respect to his blockchain firm’s exposure to the now-defunct Silicon Valley Bank (SVB). At the time, Garlinghouse disclosed that there was ‘some exposure to SVB,’ particularly since he served as the blockchain firm’s banking partner and held some of the firm’s cash balances.

Garlinghouse further said that in spite of the crisis in the US banking system and wider conventional financial markets, ‘Ripple remains in a strong position.’

He further noted that rumours and FUD resulted in the collapse of banks and the inability of firms to move their own funds. The latter, as per the executive, underscored the hard circumstances of the country’s financial systems.

Ripple Chief Executive Officer’s views on Twitter were previously mentioned by popular crypto lawyer John Deaton, who agreed with the requirement for disruptive technology to update the US banking system. Ironically, Ripple already addresses these problems with its blockchain solutions for payments.

The statements made by Garlinghouse echoed with fellow blockchain businessman Charles Hoskinson, the person behind Cardano. Hoskinson recently pointed the irony of the US government’s unfair stance on crypto currencies. One in which companies such a Circle, Paxos and Tether, which have backed their stablecoins with cash and Treasury bills, have been termed risky. In the meantime, when conventional banking institutions that had collateral in long-term TradFi bonds failed, the government found a way to blame crypto currencies for the same.

Ripple General Counsel Stuart Alderoty recently appreciated the efforts of US Representative Ro Khanna. This, after the Congressman suggested a rise in premium payments by banks to the Federal Deposit Insurance Corporation (FDIC) to safeguard depositors of payroll and regional banks and avoid consolidation.

Some may criticize ‘VC and tech,’ but this includes startups addressing major issues within healthcare, climate change, AI, fintech, national security, and yes, sometimes even crypto currency, he tweeted. For its part, Alderoty also called for an autopsy of the SVB collapse to determine liability and address gaps in bank regulation.