The CEO of Ripple Brad Garlinghouse issued significant testimonies before the Senate Banking Commission on Wednesday, emphasizing the need for a clear regulatory framework in the cryptocurrency industry.
Ripple vision
Garlinghouse began his own intervention Noteing that with over a decade of experience, Ripple, a company associated with XRP, aims to create a “internet value” in which money smoothly moves, as is the movement of information.
Garlinghouse emphasized that RIPPLE software solutions were designed to boost cross -border payments, support Stablecoin and improve digital care for financial institutions, ultimately bringing benefits to consumers and a global economy.
The XRP book (XRPL) is central for Ripple Operation, a Decentralized blockchain This facilitates quick and profitable transactions via a native digital resource, XRP.
Garlinghouse noticed that Ripple had consistently decided to make contact with decision -makers and regulatory bodies, adopting the approach to full compliance. The company has over 60 licenses for payment services and cryptocurrencies, both at home and abroad.
Calls for clear cryptocurrency regulations
When it comes to regulation, Garlinghouse outlined some basic principles of effective Cryptocurrency regulations. He emphasized the importance of consumer protection against fraud, providing adequate supervision on markets, regulating bad entities and supporting innovation.
He claimed that a well -structured regulatory framework for digital assets and Stablecouins would not only expand access to financial markets, but would also create jobs and stimulate economic growth, positioning the US as a leader of blockchain technology.
Garlinghouse indicated that the ongoing legal and regulatory uncertainties regarding cryptocurrency suppressed significant progress in the US.
He shared Ripple’s experience as the purpose of regulatory enforcement, especially when the American Securities and Stock Exchange Commission (SEC) filed a lawsuit against the company in 2020.
After a long legal battle, Ripple achieved a favorable ruling, confirming that XRP is not of security by nature. He argued that this victory paved the way for other companies in the industry to state their rights.
Can Congress drive America to the size of cryptocurrencies?
Despite sedate challenges, Ripple remains involved in education and cooperation with legislators. However, Garlinghouse called on Congress to adopt clever and alkaline provisions that determine the clear jurisdiction boundaries for basic financial bodies.
Emphasizing the US potential as a leader in the digital asset space, Garlinghouse pointed to deep capital markets and technical talents. He noted that over 55 million Americans are involved in the cryptographic economy, contributing to market capitalization of around $ 3.4 trillion.
According to him, the comprehensive regulatory framework of cryptocurrencies is necessary to unlock performance Financial transactions and boost competitiveness on the global market.
At the end, Garlinghouse called on the Senate to determine the priorities of the regulations regarding the market structure for digital assets. He believes that such initial provisions of the modern era of US leadership in cryptocurrencies, bringing benefits to both consumers and companies.
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