tl;dr
Ripple CEO Brad Garlinghouse will testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs about regulatory uncertainty in the digital asset industry. He highlights Ripple’s mission to enable the Internet of Value through the XRP Ledger, a fast, low-cost, scalable blockchain s...
Ripple CEO Brad Garlinghouse is set to present his testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, addressing the pressing issue of regulatory uncertainty in the digital asset industry. He underscores Ripple’s mission to enable the Internet of Value, emphasizing the XRP Ledger as a dependable, open-source blockchain designed for fast, low-cost, and scalable transactions, which underpins Ripple’s payment solutions worldwide.
Garlinghouse points to Ripple’s extensive licensing efforts across the U.S. and globally, highlighting the company’s commitment to working with regulators. He revisits the landmark legal battle with the SEC that began in 2020, celebrating the court’s determination that XRP itself is not a security. This decision, he argues, should have ended the era of regulatory ambiguity and enforcement actions that inhibit innovation.
The CEO calls on Congress to enact comprehensive market structure legislation, such as the GENIUS Act, to clearly define regulatory frameworks and foster growth while protecting consumers. He stresses that establishing jurisdictional clarity will position the U.S. as a global leader in blockchain technology and digital assets, advocating for policies that support expansion within the country.
Highlighting that over 55 million Americans participate in the cryptocurrency ecosystem, contributing to a $3.4 trillion market, Garlinghouse seeks to dispel negative stereotypes about crypto holders. He shares stories of individuals who overcame initial skepticism to recognize the benefits of cryptocurrencies, emphasizing the importance of regulatory clarity for XRP holders and the broader crypto community.
In closing, Garlinghouse urges the Senate to prioritize legislation for digital assets, arguing that only with clear and consistent rules can the U.S. claim its rightful place as the world’s leading crypto hub.