Ripple CEO Brad Garlinghouse delivered a stinging critique of Dogecoin at the recent Consensus 2024 conference. In his address, Garlinghouse emphasized that Dogecoin lacks real utility, noting that its value is largely driven by speculative trading rather than practical application. 'Dogecoin Has Not Been Good For The Industry', he said. He went as far as to argue that meme-based cryptocurrencies like Dogecoin could be detrimental to the crypto industry's long-term credibility and progress. According to Garlinghouse, there is a need for cryptocurrencies to offer tangible solutions and real-world applications. He pointed out that while Dogecoin enjoys significant popularity and has a strong community, it does not contribute to the industry's meaningful adoption. The focus should be on developing digital assets that solve real problems and drive innovation. Garlinghouse's remarks reflect a growing sentiment among industry leaders that the future of digital assets depends on their ability to provide genuine value rather than merely capitalizing on market trends. The Ripple CEO's critique also underscores the challenges faced by the crypto sector as it seeks mainstream acceptance. By questioning the legitimacy of meme-based coins, Garlinghouse aims to steer the conversation towards more sustainable and impactful developments in the industry.

The US Securities and Exchange Commission (SEC) has rejected Ripple Labs' proposed $10 million fine for selling XRP to institutional investors, insisting on a $2 billion penalty. The SEC believes that Ripple's proposed punishment is too lenient.  In December 2020, the SEC filed a lawsuit against Ripple, alleging that it had sold unregistered securities in the form of XRP worth roughly $1.3 billion. In July 2023, Judge Analisa Torres ruled in favor of Ripple, stating that program sales and other token distributions do not constitute the offering and implementing investment contracts. However, the judge also ruled that selling coins to large industry players violated US securities laws. In a recent appeal, the SEC questioned Ripple's integrity, highlighting the risks of further law violations by the company. According to the SEC, Ripple has been trying to downplay its responsibility while emphasizing its cooperation with the authorities since the initial offering of XRP coins in 2013.