Ripple CEO Brad Garlinghouse believes that Dogecoin (DOGE), the popular meme token, is not beneficial for the cryptocurrency industry. Speaking at Consensus, Garlinghouse expressed his concerns about the lack of regulatory clarity in the United States, stating that it hinders the growth of digital assets. He also acknowledged that the entry of institutional investors into the crypto market is uncertain.

Garlinghouse emphasized the importance of solving real-world problems in the cryptocurrency space. He stated that speculation alone is not enough and questioned the utility and purpose of Dogecoin. While he clarified that he is not against Dogecoin, he expressed his doubts about its use case and whether it is being actively developed for solving real problems. In contrast, Garlinghouse sees potential in several other blockchain projects that offer practical utility.

At the time of writing, DOGE is trading at $0.159, registering a slight decrease in value over the past 24 hours.

Earlier this week, Ripple made headlines by donating an additional $25 million to Fairshake, a federal political action committee (PAC) that supports candidates who are pro-crypto during elections. Last year, the company had also contributed $25 million to the same super PAC.

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