Brad Garlinghouse, the CEO of Ripple, believes that Dogecoin (DOGE), the popular meme token, does not contribute to the development of the cryptocurrency industry.

During his speech at Consensus, Garlinghouse expressed his concerns about the lack of regulatory clarity for digital assets in the United States, stating that it hinders the growth of the sector. He also acknowledged that it is difficult to predict when institutional investors will enter the market and provide opportunities for growth.

Garlinghouse emphasized that the future of cryptocurrency should focus on solving real-world problems rather than speculation. He admitted that his opinion might be unpopular, but he questioned the usefulness of Dogecoin and expressed uncertainty about its use case and the projects being built around it. He believes that other cryptocurrencies offer more practical applications and utility.

At the time of writing, DOGE is trading at $0.159, experiencing 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 political action committee dedicated to supporting pro-crypto candidates during elections. This donation follows a $25 million contribution made by Ripple to the super PAC last year.

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