The CEO of blockchain-based cross-border payments network Ripple expects the US to see positive developments in cryptocurrency regulation this year.
At the opening of the 118th Congress on Tuesday, Brad Garlinghouse enumerate the main reasons why he thinks 2023 will be a watershed year for cryptocurrency regulation.
Says the push to regulate the digital asset industry has the support of both Republicans and Democrats in the House of Representatives and Senate, nominating 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) among those who recognize the need for clarity in space.
“We are not working with a blank slate. Previous bills have tried to address everything from stablecoins and CEX (RFIA and DCEA); clearer definitions of what constitutes digital asset security (Securities Clarity Act); safe havens (Clarity for Digital Tokens Act) and more.”
He says cryptocurrency regulatory bills may not receive everyone’s approval, but these proposals can serve as a starting point for debate in congress.
“The building blocks of regulation are already in place and we have a chance to get it right for the millions of Americans who are already – and will continue to be – interested in cryptocurrencies.”
Garlinghouse says the EU, Singapore, Brazil and Japan now have their own crypto frameworks and the UK is already ahead of the US. He says a lack of regulatory standards can lead to catastrophic consequences like the collapse of the Bahamas-based cryptocurrency exchange FTX.
“While previous efforts at regulatory clarity for cryptocurrencies 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 ahead of it to ensure that the United States remains a leader in innovation for decades to come. Let’s hope that’s what they take.
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