Ripple Labs CEO Brad Garlinghouse doesn’t speak on Twitter often, but when he does, he usually delivers a powerful message. Yesterday, Garlinghouse took to Twitter again to give predictions for 2023.
CEO of Ripple explained that yesterday was the first day of the 118th US Congress, and while efforts to bring regulatory clarity to crypto in the US have stopped and turned off in the new year, he expects that 2023 is the year “we will (finally!) see a breakthrough.”
Here’s Ripple’s CEO Says 2023 Could Be Different
Garlinghouse reasons in favor of bipartisan and bicameral regulation. Leaders have publicly supported blockchain technology and acknowledged the need for clarity.
Specifically, Ripple’s CEO supports the policy push of Patrick McHenry (Republican), Glenn “GT” Thompson (Republican), Tom Emmer (Republican), Ritchie Torres (Democrat), Ro Khanna (Democrat), Sen. Debbie Stabenow (Democrat), John Boozman (Republican), Kirsten Gillibrand (Democrat), Sen. Cynthia Lummis (Republican), and Cory Booker (Democrat).
As Ripple’s CEO said, the industry is no longer working with a blank sheet of paper. “Previous bills have tried to address everything from stablecoins and CEXs (RFIA and DCEA); a clearer definition of what constitutes a digital asset security (Securities Clarity Act); safe harbors (Clarity for Digital Tokens Act) and others- other,” Garlinghouse said.
At the same time, he said that there is no perfect bill and no one will be able to satisfy everything. “But perfection is not the enemy of progress.” According to him, the proposal provides a basis for discussion, and “the stakes could not be higher.”
As in previous tweets and court documents in his legal battle with the US Securities and Exchange Commission, Garlinghouse pointed to other countries he sees as leaders of the crypto industry. “Singapore, the EU, Brazil, and Japan all have crypto frameworks – and the UK is more advanced than the US,” Ripple’s CEO said.
He also warned of the dangers of non-regulation in the U.S. The lack of coordinated standards globally or in the U.S. continues to push businesses to countries with lower regulatory bars. “BG” cites the collapse of FTX as a bad example with disastrous results.
Optimistic about the future, Ripple’s CEO ended his hopes with the following words:
Changing the status quo is not easy but I believe the will to act is there. The building blocks for regulation have been introduced, […] The 118th Congress has a historic opportunity before it to ensure that the US remains a leader in innovation for decades to come. We hope it’s one they take.
At press time, XRP is down 0.8% in the last 24 hours and is trading at $0.3473, facing major resistance at $0.3539.
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