-
Ripple’s CEO expresses optimism that regulators will provide clearer rules for the cryptocurrency industry this year.
-
Garlinghouse says support for crypto regulation in the United States is bipartisan.
-
He notes no bill will be perfect, but incremental improvements can lead to a workable framework.
Garlinghouse expects regulatory clarity for the crypto space in 2023
Brad Garlinghouse, CEO of blockchain company Ripple, wrote on Twitter that he is optimistic about regulatory clarity for the cryptocurrency industry in 2023.
Today is the first day of the 118th Congress. 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. A thread on why…
— Brad Garlinghouse (@bgarlinghouse) January 3, 2023
Marking the start of the 118th Congress, Garlinghouse said he believes the United States could achieve clearer crypto regulations this year and emphasized bipartisan support for the effort.
He pointed out that lawmakers are not starting from scratch. Previous legislative proposals have already addressed various issues, including stablecoins and centralized exchanges, clearer definitions of digital asset securities, and safe-harbor provisions for token projects. Garlinghouse commented:
“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 acknowledged that no single bill will satisfy every stakeholder, but argued that imperfection should not prevent progress. He 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.”
The US is playing catch-up
Garlinghouse warned that the stakes are high because the United States is falling behind other jurisdictions that have moved faster to establish crypto frameworks. He cited Singapore, the European Union, Brazil, and Japan as examples of places that have advanced regulatory environments for digital assets.
This latest update comes amid the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission, a case that began in late 2020 and remains unresolved.
Despite the litigation, Ripple has continued to expand its business. In August, the company announced a partnership with Travelex Bank to roll out XRP-enabled enterprise payment services in Brazil.