In a series of tweets, Garlinghouse noted that support for crypto regulation is "bipartisan and bicameral," citing leaders such as Congressman Patrick McHenry, Congressman Tom Emmer, and Senator Debbie Stabenow.
The CEO highlighted several existing bills that could provide regulatory clarity, including the Responsible Financial Innovation Act (RFIA), the Digital Commodity Exchange Act (DCEA) for stablecoins and centralized exchanges, and the Securities Clarity Act for defining digital asset securities. However, Garlinghouse acknowledged that not all proposals will be perfect and that they will serve as a starting point for debate in the new Congress.
Garlinghouse also pointed out that countries such as Singapore, Europe, Brazil, Japan, and the UK have already established crypto frameworks, and the lack of global coordinated standards contributed to the collapse of FTX. He emphasized the 118th Congress's opportunity to ensure that the US remains a leader in innovation for the coming decades.
Ripple CEO Discusses Ongoing SEC Case and Global Crypto Regulation
Ripple CEO Brad Garlinghouse has discussed the current state of cryptocurrency regulation, both in the US and internationally. While his company is still in a legal battle with the Securities and Exchange Commission (SEC), Garlinghouse is "cautiously optimistic" about the potential for regulatory clarity in 2023.
In a series of tweets, Garlinghouse identified several existing bills that could guide crypto regulation, including the Responsible Financial Innovation Act (RFIA) and the Digital Commodity Exchange Act (DCEA) for stablecoins and centralized exchanges, and the Securities Clarity Act for defining digital asset securities. He acknowledged that not all proposals will be perfect and that they will serve as a starting point for debate in the new Congress.
The CEO also noted that other countries, including Singapore, Europe, Brazil, Japan, and the UK, have already established frameworks for cryptocurrency regulation. He argued that the lack of global coordinated standards contributed to the failure of FTX and emphasized the importance of the 118th Congress taking action to maintain the US's position as a leader in innovation.
