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Ripple Chief Executive Brad Garlinghouse publicly criticized Michael Saylor, arguing the Strategy chairman has damaged the broader cryptocurrency market.
The remarks came as Strategy's STRC security traded at a 25% discount to par value, a gap Garlinghouse pointed to as evidence that financial engineering fails to deliver lasting value in digital assets.
Garlinghouse Targets Saylor's Approach Garlinghouse drew a direct line between Strategy's capital-markets playbook and harm to the crypto ecosystem.
"Financial engineering does not drive long-term value," Garlinghouse said, adding that "long-term value of any digital asset is going to be driven by utility." The comments represent a notable break from the general solidarity that tends to characterize public statements between crypto executives, and signal deepening disagreement over how institutional exposure to digital assets should be structured.
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