The CEO of the blockchain-based cross-border payments network Ripple anticipates positive developments in crypto regulation in the United States this year.
Brad Garlinghouse enumerates the key reasons why he believes 2023 will be a watershed year for crypto regulation as the 118th Congress convenes on Tuesday.
He claims that both Republicans and Democrats in the House and Senate support the effort to regulate the digital assets industry, naming Representatives Ro Khanna (D-CA), Tom Emmer (R-MN), Ritchie Torres (D-NY), Patrick McHenry (R-NC), Glenn Thompson (R-PA), and Senators Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), Cory Booker (D-NJ), John Boozman (R-
“We’re not starting from scratch. Prior bills have attempted to address a variety of issues, including stablecoins and CEXs (RFIA and DCEA); clearer definitions of what constitutes a digital asset security (Securities Clarity Act); safe harbours (Clarity for Digital Tokens Act), and more.”
He claims that while crypto regulation bills may not be approved by everyone, they can serve as a starting point for congressional debate.
“The foundation for regulation has already been laid, and we have an opportunity to get this right for millions of Americans who are already – and will continue to be – interested in crypto.”
According to Garlinghouse, the EU, Singapore, Brazil, and Japan now have their own crypto frameworks, with the UK already ahead of the US. According to him, a lack of regulatory standards could have disastrous consequences, such as the collapse of the Bahamian-based crypto exchange FTX.
“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 to ensure that the United States remains an innovator for decades to come. We hope they accept it.”
