Ripple CEO Says Optimistic About 2023 Crypto Regulations

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Ripple CEO Brad Garlinghouse hopes that 2023 will be the year the United States manages to achieve regulatory clarity for crypto. He pointed out that major economies in the EU, Singapore, Brazil and Japan are working to introduce crypto regulations to keep users safe. He added that the UK is already ahead of the US.

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 see a breakthrough, Ripple CEO said.

Earlier, Democrats and Republicans in the House of Representatives and the Senate began drafting new regulations for crypto assets. Garlinghouse said those bills have not yet been introduced, but the proposals could serve as a starting point for debate in Congress.

The basics of regulation have already been introduced, and we have a chance to get it right for millions of Americans who are already and will continue to be interested in crypto.

US Representatives Work on Crypto Regulation

To prevent another collapse of FTX, US officials and regulators plan to introduce new crypto guidelines for users. Democrats believe that regulations on stablecoins and crypto assets would help the growth of the crypto market in the United States.

Recently, Janet Yellen, Secretary of the US Treasury, officially stated that the country needs strong regulation on the crypto industry.

In November 2022, Sherrod Brown, Chairman of the Senate Banking Committee, said: It is crucial that our financial watchdogs examine what led to the collapse of FTX so that we can fully understand the misconduct and abuse that took place. I will continue to work with them to hold bad actors in the crypto markets accountable.

Related: SEC wanted to keep Hinman documents private

Ripple made a strong case in court to compel the SEC to provide the draft of Hinman’s 2018 speech. But the SEC refused to provide it. Even now, although the SEC has officially submitted the documents, the documents are available to the public or to Ripple because the SEC retains custody of the documents for security purposes.

The financial watchdog asked the court to keep the Hinman documents private, saying now was not the time to reveal them to the public. Ripple believes this will be a critical piece of evidence to win the lawsuit against the SEC. The crypto community believes that the SEC is only buying time in court by creating doubts about whether the regulator is hiding something.

Stuart Alderoty, general counsel for Ripple, said it was worth fighting for major evidence. He tweeted, Over 18 months and 6 court orders, we finally have the Hinman documents. Meanwhile, the documents remain confidential at the insistence of the SEC.

The Hinman documents contain a speech by former SEC Director William Hinman that he gave at the Yahoo Markets Summit held in June 2018. He reportedly said that Ethereum’s native token is not a security. At that time, there was still no clear guidance from the US regulator on how they classified digital assets.

Andrew is a blockchain developer who developed his interest in cryptocurrencies during his post-grad studies. He is a fine observer of details and shares his passion for writing while being a developer. His backend blockchain knowledge helps him bring a unique perspective to his writing

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