By
Chimamanda U. Martha
April 26th, 2024
Brad Garlinghouse believes it is a good thing that the US would not be starting from scratch in its pursuit of regulatory clarity.
Ripple CEO Brad Garlinghouse has said he is fairly optimistic about the United States crypto industry gaining regulatory clarity this year. He shared his thoughts via a series of Twitter posts on the first day of the 118th Congress.
Ripple CEO Says Current Bills Give Hope
In his commentaries, Garlinghouse noted that it is a good thing that the US would not be starting from scratch in its pursuit of regulatory clarity. The Ripple CEO noted that the US had something to work with in some of its bills including the Responsible Financial Innovation Act, the Securities Clarity Act, and the Clarity for Digital Tokens Act to mention a few.
Although he admits that no single bill can satisfy everyone’s expectations, nonetheless he believes that the existing bills already offer a good starting point for congressional debate. Thus, suggesting that there’s no need to delay any further in an attempt to create the so-called “perfect bill.”
Furthermore, Garlinghouse spoke about how the US currently lags behind countries like Singapore, Brazil, and Japan, in terms of crypto regulations. While those countries have established frameworks for crypto regulation, the same cannot be said of the United States.
Calls for Global Crypto Regulatory Standards
For Garlinghouse, there’s an urgent need for global regulators to come up with a common standard regarding the regulation of crypto. He believes that so far, the lack of cooperation and coordination by global regulators is bad for all. He says, the inconsistencies in regulations eventually force crypto businesses to countries with less-cumbersome regulations. But not without leaving serious damaging effects on the industry.
Garlinghouse’s commentaries appear to be justified, especially in light of recent events like the FTX collapse. Although the unfortunate incident has now suddenly aroused the interest of several lawmakers across the board. While some are clamoring for a clampdown on crypto, others ask for more robust regulations to ensure the safety of the business. Nonetheless, it remains to be seen whether 2023 will become the defining year for global crypto regulation.