The CEO of blockchain-based cross-border payments network Ripple is expecting the US to see positive developments in crypto regulation this year.
As the 118th Congress opens on Tuesday, Brad Garlinghouse enumerates the key reasons why he thinks 2023 will be a breakthrough year for crypto regulation.
He says that the push to regulate the digital assets industry has support from both Republicans and Democrats in the House of Representatives and the Senate, 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-AR) and Debbie Stabenow (D-MI) as among those who recognize the need for clarity in the space.
“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 says that bills on crypto regulation may not get the nod of everyone but these proposals can serve as a starting point for debate in congress.
“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.”
Garlinghouse says that the EU, Singapore, Brazil and Japan now have their own crypto frameworks and the UK is already ahead of the US. He says that the lack of regulatory standards may lead to catastrophic 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 before it to ensure the US remains an innovation leader for decades to come. We hope it’s one they take.”
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