Ripple CEO bullish on US regulatory clarity for crypto

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Ripple CEO Brad Garlinghouse shared in a January 3 Twitter thread that he is cautiously optimistic that the US will achieve groundbreaking regulatory clarity for the cryptocurrency industry in 2023. .

To mark the first day of the 118th Congress, Garlinghouse shared his hopes that 2023 will be the year the United States gains regulatory clarity for crypto, adding that regulatory support is bipartisan and bicameral.

Today is the first day of the 118th Congress. While previous efforts for regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why

Brad Garlinghouse (@bgarlinghouse) January 3, 2023

Garlinghouse said the United States is not starting with a clean slate for regulation, citing bills such as the Securities Clarity Act, Responsible Financial Innovation Act and Clarity for Digital Tokens Act as examples.

According to Ripple’s CEO, the stakes couldn’t be higher. He added that no bill is perfect and there will probably never be one that satisfies everyone and that attempts to pursue a perfect bill should not block Congress’ progress in creating crypto regulations and laws.

The United States is behind Singapore, the European Union, Brazil and Japan in crypto laws and regulations, Garlinghouse said.

He claimed that the lack of coordinated efforts to implement a regulatory framework both globally and in the United States continues to push companies to countries. [with] lower regulatory bars, leading to sometimes catastrophic results, such as the implosion of Bahamas-headquartered FTX.

Related: SEC seeks to keep Hinman documents hidden in Ripple case

Ripple is a financial technology company that operates the global payment network RippleNet as well as its cryptocurrency XRP (XRP).

In December 2020, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple alleging that the company sold XRP as an unregistered security.

The SEC argued that Ripple raised billions from XRP sales and failed to register the offerings as securities, as required by law. Ripple has denied claims that XRP is a currency, not a security.

In October, Garlinghouse told DC Fintech Week conference panelists that he expects the case against the company to be completed in the first half of 2023, but admitted it was difficult to predict.

The case is still ongoing with no clear sign of when it will end.

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