Key Takeaways
- Bessent joined Garlinghouse to open Swell’s 10th edition.
- Garlinghouse previously backed Bessent’s selection and legislative push.
- Ripple introduced returns targeting corporate cash outside banking hours.
Garlinghouse Praises Bessent’s Crypto Leadership
Brad Garlinghouse, CEO of blockchain infrastructure company Ripple, praised Treasury Secretary Scott Bessent and the current administration on Oct. 27. In his comments on Bessent’s crypto leadership on X, Garlinghouse thanked the secretary for opening Swell with him as the company disclosed partnerships and highlighted its federal banking approval.
Garlinghouse described Bessent’s participation as an honor, crediting his leadership with helping the domestic crypto industry develop. He stated:
“His leadership, alongside the current administration, has been instrumental in ensuring that responsible crypto can thrive in the US. I’m extremely grateful he spent time with us today.”
Swell’s expanded conference program runs Oct. 27-29 at The Shed in Manhattan, bringing together financial executives, developers, and researchers. The event combines Swell, Apex, and UBRI Connect, with more than 100 speakers and over 80 sessions spanning digital asset markets, payments, institutional finance, and technology.
Bessent Endorsement Began Before His Treasury Tenure
The executive’s endorsement of Bessent’s Treasury selection dates to November 2024, when President-elect Donald Trump chose him for the position. Garlinghouse called Bessent “the perfect pick” and predicted that he would support crypto and innovation. His latest comments assessed the secretary’s leadership after he took office.
Policy alignment continued in September through Garlinghouse’s support for Bessent’s CLARITY Act push. On Sept. 14, Garlinghouse urged senators to support the negotiated legislation, arguing that policymakers had made substantial compromises. Bessent’s case included proposed Treasury authority to respond if stablecoin-related deposit flight harmed community banks.
Corporate Cash Offering Targets Nights and Weekends
Alongside his praise of Bessent, Garlinghouse highlighted Ripple Treasury’s 24/7 Returns feature in the same Swell update. Introduced Oct. 26, the offering is designed to help eligible corporate customers generate returns on qualifying digital assets, targeting operating cash that would otherwise remain idle overnight, over weekends, and during holidays. Qualifying assets must be held in a Ripple wallet, with participation subject to program requirements.
Ripple USD (RLUSD), the company’s dollar-backed stablecoin, counts among the qualifying assets eligible for returns. Businesses can participate without independently managing the underlying digital asset transactions. Alongside the returns feature, artificial intelligence tools coordinate cash positioning, forecasting, reconciliation, liquidity management, and payments within the platform.
Commercial developments included Robinhood’s agreement with Ripple, covering customer-facing services, institutional financing, and treasury operations. Garlinghouse also highlighted expanded BNY cooperation across custody and proposed tokenized trade finance, plus final approval for Ripple National Trust Bank. He indicated that further announcements would follow during the conference week.
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