Ripple CEO says Facebook went too far with Libra

Brad Garlinghouse, the CEO of Ripple, said that Facebook was responsible for the scrutiny and criticism it encountered from regulators.

In an interview with Bloomberg TV, Garlinghouse said that the company went "Too far" in its whitepaper by stating Libra was going to become a "New currency."

Facebook sabotaged Libra with "Arrogant" approach.

While the regulatory scrutiny Facebook's Libra was subjected to since its announcement was welcomed by those opposing its launch, others argued that it actually brought more harm to the crypto industry.

Garlinghouse told Fortune earlier this week that Libra has forced regulators to lump all cryptocurrencies into "One big bucket" and that Ripple could easily get caught in the crossfire.

Garlinghouse added that by defining libra as a "New currency," Facebook instantly became a thorn in the eye of financial regulators.

The way Facebook rolled out Libra caused a lot of turbulence, which is one of the many reasons why it got such a negative reaction.

"I think the U.S. dollar works pretty well. We don't need a new fiat currency"- Ripple CEO Brad Garlinghouse on why he thinks Facebook took an arrogant approach with Librahttps://t.

While setting ambitious goals is at the very core of Silicon Valley, Facebook might have gone too far this time, Garlinghouse said.

Garlinghouse had the same sentiment during the Bloomberg TV interview, saying that Ripple was an institution-centric company that works alongside governments and financial institutions.