The CEO of Ripple, a blockchain-based cross-border payment network, expects the US to see positive developments in cryptocurrency regulation this year.
Brad Garlinghouse as the 118th Congress begins on Tuesday Enumerate The main reason he thinks 2023 will be a landmark year for crypto regulation.
He said the move to regulate the digital asset industry has been supported by both Republicans and Democrats in the House and Senate, with Representatives Ro Khanna (D-California), Tom Emer (R-Minnesota), Richie Torres (D-New York), Patrick McHenry (Republican-North Carolina), Glen Thompson (Republican-Pennsylvania), Kirsten Gillibrand (Democrat-New York), Cynthia Ramis (Republican-Wyoming), Cory Booker ( Democrat-New Jersey), John Boozman (Republican-Alaska) and Debbie Stabenow (Democrat-Michigan) are among those who recognize the need for clarity in this area.
“We are not working from a clean slate. Previous bills have tried to address everything from stablecoins to CEX (RFIA and DCEA), which constitutes the security of digital assets. Clearer Definitions (Securities Clarification Act); Safe Harbor (Clarifications Regarding Digital Token Act), etc.”
He said that bills on cryptocurrency regulation may not win everyone’s approval, but these proposals could serve as a starting point for discussions in Congress.
“The regulatory building blocks are already in place, and we have a chance to get this right for the millions of Americans who are already and will be interested in cryptocurrencies.”
Garlinghouse said the EU, Singapore, Brazil and Japan now have their own cryptographic frameworks, with the UK already ahead of the US. He said the lack of regulatory standards could lead to catastrophic consequences, such as the collapse of Bahamas-based cryptocurrency exchange FTX.
“Despite previous efforts to bring clarity to cryptocurrency regulation in the United States, I am cautiously optimistic that 2023 will (finally!) be the year we see a breakthrough.
The 118th Congress faces a historic opportunity to ensure America remains a leader in innovation for decades to come. Hope that’s what they take. ”
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