According to the CEO of Ripple, support for cryptocurrency regulation in the United States is “bipartisan and bicameral.”
The CEO of Ripple, Brad Garlinghouse, said on Twitter on January 3 that he is “cautiously confident” that the United States would achieve “breakthrough” legal certainty for the cryptocurrency business in 2023.
To mark the opening day of the 118th Congress, Garlinghouse expressed his optimism that 2023 would be the year in which the United States achieves legal certainty for cryptocurrencies, noting that support for regulation is “bipartisan and bicameral.”
Garlinghouse said that the United States was not beginning regulation with a “blank slate,” citing as examples the Securities Clarity Act, the Responsible Financial Innovation Act, and the Clarity for Digital Tokens Act.
According to the CEO of Ripple, “the stakes have never been greater.” He said that “no law is perfect and there will likely never be one that satisfies everyone,” and that efforts to create a perfect bill should not impede Congress’s progress in developing crypto rules and legislation.
Garlinghouse believed that the United States lags behind Singapore, the European Union, Brazil, and Japan in terms of crypto laws and regulations.
He said that the absence of a concerted effort to develop a regulatory framework internationally and in the U.S. “continues to drive companies to nations [with] lesser regulatory standards,” resulting in “sometimes disastrous outcomes” such as the demise of Bahamas-based FTX.
The U.S. Securities and Exchange Commission (SEC) launched a complaint against Ripple in December 2020, claiming that the business issued unregistered securities.
The SEC stated that Ripple generated billions of dollars via the selling of XRP without registering the transactions as required by law. Ripple refuted the charges, asserting that XRP is currency and not securities.
Garlinghouse told panellists at the D.C. Fintech Week conference in October that he expected the lawsuit against the company to be resolved in the first half of 2023, but acknowledged that it is difficult to forecast. The lawsuit is still active with no indication of when it will conclude.
Also Read: CTO of Ripple Discusses XRP Price Slowdown and Compares Crypto to the Internet in the Early 2000s
