The Chief Executive Officer of Ripple, Brad Garlinghouse, said in a Twitter thread dated January 3 that he is cautiously hopeful about the United States achieving a breakthrough in regulatory clarity for the cryptocurrency business in the year 2023. To mark the first day of the 118th Congress, Garlinghouse expressed his hope that the year 2023 will be remembered as the year in which the United States gained regulatory clarity for cryptocurrencies. He added that support for regulation is found across the political spectrum and in both chambers of Congress.
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According to Garlinghouse, the United States is not beginning the process of regulating with a clean sheet of paper. As evidence, he cited many pieces of legislation, including the Securities Clarity Act, the Responsible Financial Innovation Act, and the Clarity for Digital Tokens Act.
The chief executive officer of Ripple believes that the stakes could not possibly be any greater.
In addition, he said that there is no such thing as a perfect law, and it is very unlikely that there will ever be one that satisfies everyone. Attempts to create a perfect bill should not impede the work that Congress is making in developing crypto rules and legislation.
As per Garlinghouse’s assessment, the United States lags behind Singapore, the European Union, Brazil, and Japan in terms of the rules and regulations governing cryptocurrencies.
He claimed that the absence of a coordinated effort to implement a regulatory framework both globally and in the United States continues to push business to countries [with] lower regulatory bars, which results in sometimes catastrophic results, such as the implosion of a company with its headquarters in the Bahamas.
Ripple is a financial technology business that operates the worldwide payment network known as RippleNet in addition to its own cryptocurrency known as XRP. The United States Securities and Exchange Commission (SEC) initiated legal action against Ripple in December 2020, saying that the firm had offered XRP in an unregistered capacity as a security product.
Ripple has refuted the charges, stating that the XRP cryptocurrency is not a security but rather a money.
At the D.C. Fintech Week conference in October, Garlinghouse said to the other panelists that he anticipates the lawsuit against the company would be resolved within the first half of 2023 but allowed that it was difficult to determine when it will be resolved.