Ripple’ Brad Garlinghouse optimistic about future Crypto regulation in the US

On Jan 4, 2023

Brad Garlinghouse indirectly praised the role of Congress in the United States and urged it to focus on clear regulatory policies on the Crypto sector.

Brad Garlinghouse is the chief executive officer of Ripple. Ripple is a San Francisco-based Fintech company, which is known to provide efficient cross-border payment services globally for small & big businesses with the help of the XRP ledger under a decentralised medium. At present, Ripple is under a legal hurdle because of a lawsuit filed by the US Securities and Exchange Commission (SEC) over Ripple & its two key leaders.

On 4 Jan 2023, Brad Garlinghouse took to Twitter to inform his followers that today is the first day of the 118th Congress. With the leaders of the Congress, Ripple CEO hoping that 2023 will bring better clarity on the rules & regulations in the Crypto sector.

1/ support for regulation is bipartisan & bicameral. Leaders like @PatrickMcHenry, @CongressmanGT, @RepTomEmmer, @RitchieTorres, @RoKhanna, @SenStabenow, @JohnBoozman, @SenGillibrand, @SenLummis, @CoryBooker have publicly supported blockchain and recognized the need for clarity.
— Brad Garlinghouse (@bgarlinghouse) January 3, 2023

Further, Garlinghouse pointed out that already a few bills have been introduced in the US but the majority of them failed to cover the whole sector, instead, they were focused on stablecoins & centralised exchanges like things.

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Further Ripple CEO added:

“No bill is perfect and there likely never will be one that satisfies everyone. But perfect shouldn’t be the enemy of progress – these proposals provide more than a starting point for debate in this new Congress. The stakes couldn’t be higher.’

According to Ripple CEO, other countries like the EU, Brazil & Japan are far better in terms of Crypto regulatory policies but there is very less coordination between the countries, which is responsible for big incidents like the FTX meltdown.

4/ Singapore, the EU, Brazil, and Japan all have crypto frameworks – and the UK is well ahead of the US. But the lack of coordinated standards globally (or any in the US) continues to push business to countries w/ lower regulatory bars – w/ sometimes catastrophic results (FTX).
— Brad Garlinghouse (@bgarlinghouse) January 3, 2023

In this way, Ripple CEO stressed that US policymakers needed to work not only on Crypto regulation but also to develop global coordination, so that Crypto can be easily regulated globally.