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Ripple CEO Brad Garlinghouse is “cautiously optimistic” that the U.S. will achieve “groundbreaking” regulatory clarity for the cryptocurrency industry in 2023 in a Twitter thread on Jan. 3. shared with
On the occasion of the first day of the 118th Congress, Garlinghouse shared hopes that 2023 will be the year the U.S. articulates its cryptocurrency regulation, stating that support for regulation will be “bipartisan and bicameral.” ” added.
Today is the first day of the 118th competition. Despite previous efforts to clarify crypto regulation in the US, I am cautiously optimistic that 2023 will (finally!) see a breakthrough. A thread about why…
— Brad Garlinghouse (@bgarlinghouse) January 3, 2023
Garlinghouse said the U.S. didn’t start with a “blank slate” for regulation, citing bills like the Securities Transparency Act, the Responsible Financial Innovation Act (RFIA) and the Digital Token Transparency Act. I mentioned.
According to Ripple’s CEO, “The stakes couldn’t be higher.” He added that “there is no bill that is perfect, and there will probably never be one that will satisfy everyone,” and that attempts to pursue the perfect bill have contributed to Congress’ progress in regulating cryptocurrencies and making laws. should not be delayed.
Garlinghouse said the US lags behind Singapore, the European Union, Brazil and Japan when it comes to cryptocurrency legislation and regulation.
He argued that the lack of coordinated efforts to implement regulatory frameworks both globally and in the United States “continues to push business into the country.” [with] He cites Bahamas-based FTX as an example, with “sometimes devastating consequences”.
RELATED: SEC Tries to Cover Hinman Documents in Ripple Case
Ripple is a financial technology company that operates the RippleNet global payment network and its cryptocurrency XRP (XRP).
In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, alleging that it sold XRP as an unregistered security.
The SEC alleged that Ripple raised billions of dollars through the sale of XRP and failed to register as a security required by law. Ripple has denied claims that XRP is a currency and not a security.
In October 2022, Garlinghouse told panelists at the DC Fintech Week conference that it expects the lawsuit against the company to close in the first half of 2023, but admitted it’s difficult to predict.
The lawsuit is still ongoing and there is no clear indication of when it will end.
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