Ripple CEO Expects Crypto Regulation “Breakthrough” in 2023

This year, the CEO of the blockchain-based cross-border payments network Ripple anticipates good changes in cryptocurrency laws in the US.

Brad Garlinghouse lists the main reasons why he believes 2023 will be a watershed year for cryptocurrency legislation as the 118th Congress convenes on Tuesday.

Republicans and Democrats in the House of Representatives and the Senate support efforts to regulate the digital assets industry, according to the author. He specifically mentions Senators Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), Cory Booker (D-NJ), John Boozman (R-AR), and Debbie Stabenow (D-MI) as well as Representatives Ro Khanna (D-CA), Tom Emmer (R-MN), Ritchie Torres (D

“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 asserts that while legislation governing cryptocurrencies may not be supported by all members of congress, it might serve as a beginning point for discussion.

“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.”

According to Garlinghouse, the UK is already ahead of the US in terms of having its own crypto framework, along with the EU, Singapore, Brazil, and Japan. According to him, the absence of regulatory requirements might have disastrous effects, such as the demise of the crypto exchange FTX, which had its headquarters in the Bahamas.

“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.”