Get the scoop on finance - sign up for mobile alerts
Regulators
| On
January 5, 2023

Ripple CEO Brad Garlinghouse Says He’s Optimistic on Crypto Regulation ‘Breakthrough’ in 2023

By Rhodilee Jean Dolor

The CEO of blockchain-based cross-border payments network Ripple is expecting the US to see positive developments in crypto regulation this year.

As the 118th Congress opens on Tuesday, Brad Garlinghouse enumerates the key reasons why he thinks 2023 will be a breakthrough year for crypto regulation.

ADVERTISEMENT

He says that the push to regulate the digital assets industry has support from both Republicans and Democrats in the House of Representatives and the Senate, naming Representatives Ro Khanna (D-CA), Tom Emmer (R-MN), Ritchie Torres (D-NY), Patrick McHenry (R-NC), Glenn Thompson (R-PA) and Senators Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), Cory Booker (D-NJ), John Boozman (R-AR) and Debbie Stabenow (D-MI) as among those who recognize the need for clarity in the space.

“We’re not working with a blank slate. Prior bills have tried to address everything from stablecoins and CEXs (RFIA and DCEA); clearer definitions of what constitutes a digital asset security (Securities Clarity Act); safe harbors (Clarity for Digital Tokens Act) and more.”

He says that bills on crypto regulation may not get the nod of everyone but these proposals can serve as a starting point for debate in congress.

“The building blocks for regulation have already been introduced, and we have a chance to get this right for millions of Americans who already are – and will continue to be – interested in crypto.”

ADVERTISEMENT

Garlinghouse says that the EU, Singapore, Brazil and Japan now have their own crypto frameworks and the UK is already ahead of the US. He says that the lack of regulatory standards may lead to catastrophic consequences such as the collapse of the Bahamian-based crypto exchange FTX.

“While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough.

The 118th Congress has a historic opportunity before it to ensure the US remains an innovation leader for decades to come. We hope it’s one they take.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/WindAwake