The CEO of Ripple Brad Garlinghouse expressed optimism for a “breakthrough” in crypto regulation in 2023
This year, the CEO of the blockchain-based cross-border payments network Ripple anticipates positive crypto regulatory developments in the United States.
As the 118th Congress consists of people on Tuesday, Brad Garlinghouse explains why he believes 2023 will be a landmark year for cryptocurrency legislation.
“We are not starting from scratch. Prior legislation attempted to address stablecoins and CEXs (RFIA and DCEA), better definitions of what makes a digital asset security (Securities Clarity Act), and safe harbors (Clarity for Digital Tokens Act), among other issues.
It is possible that not everyone will support measures on crypto regulation, but these suggestions might serve as a starting point for discussion in Congress.
According to Garlinghouse, the EU, Singapore, Brazil, and Japan, all have their own crypto frameworks, and the United Kingdom is already ahead of the United States. According to him, the lack of regulatory norms might have terrible consequences, such as the collapse of the Bahamian-based cryptocurrency exchange FTX.
“I am cautiously optimistic that 2023 will be the breakthrough year despite the fact that prior efforts to establish legal certainty for cryptocurrencies in the United States have failed.
The 118th Congress has a once-in-a-generation chance to assure that the United States stays an innovation leader for decades to come. We hope they accept it.”