In a recent appearance on Fox Business’s “Mornings with Maria,” hosted by Maria Bartiromo, Ripple CEO Brad Garlinghouse provided insightful commentary on the current state and the future of the cryptocurrency market.

Garlinghouse opened the discussion with an overview of the cryptocurrency market’s performance, noting a significant uptick in the past six months, with Bitcoin alone rising approximately 250%. He highlighted the U.S. SEC’s approvals of 11 spot Bitcoin ETFs on January 10 and the Bitcoin halving on April 20 as major catalysts behind the market’s growth.

Source: TradingView

Looking forward, Garlinghouse made a striking prediction: the cryptocurrency market is poised to double in size, reaching a valuation of $5 trillion by the end of 2024:

I don’t think even feel like it’s that big a prediction when you step back and you know like any market, this is driven by supply and demand … It’s basically just predicting it’s going to double by the end of the year and, if anything, I think I probably underpredicted that.

The conversation took a critical turn when discussing the regulatory environment in the United States. Garlinghouse expressed concern over what he perceives as an anti-crypto stance by U.S. regulators, particularly criticizing the SEC under Gary Gensler’s leadership. He called out the misrepresentation of crypto’s use in illicit activities, particularly by figures like Senator Elizabeth Warren, arguing that such narratives undermine the industry’s innovative potential.

Garlinghouse advocated for a regulatory approach that promotes innovation and compliance, suggesting that supportive regulation could facilitate significant economic growth and job creation within the U.S.

Highlighting the contrast in regulatory attitudes globally, Garlinghouse pointed out that countries like Dubai, Singapore, the UK, and the EU have made considerable legislative progress, making them attractive hubs for crypto innovation and investment. This disparity has led to a migration of capital and entrepreneurs away from the U.S., seeking more favorable environments.

Focusing on Ripple’s strategic initiatives, Garlinghouse shared exciting developments about the company’s plans to launch a U.S. dollar-backed stablecoin later this year. This move is intended to bridge the gap between traditional finance and cryptocurrency, positioning Ripple at the forefront of the stablecoin market, which is projected to grow exponentially in the coming years.

With regard to Ripple’s growth and strategy, the Ripple CEO said that 95% of Ripple’s customers are from outside the U.S., and he said this represented a “huge opportunity” for his company:

We think that opportunity is huge; we think that’s going to be great for Ripple; we think it’s going to be great for XRP, which is a digital asset we use.