At recent U.S. Senate hearings, Ripple CEO Brad Garlinghouse spoke in favor of the need for clear regulations in the cryptocurrency market.
Senate Testimony
Garlinghouse discussed with lawmakers the importance of establishing clear rules for the cryptocurrency market. He emphasized that educating Congress on how crypto works is a positive step.
Call for Clear Rules
Garlinghouse pointed out the challenges Ripple faced during its lengthy legal battle with the SEC. He warned that unclear rules have pushed crypto companies and jobs out of the U.S. "For the past decade, legal and regulatory uncertainty around crypto in the U.S. has blocked meaningful progress. We saw firsthand how unclear rules can be weaponized to target good actors. This drives technology, jobs, and tax dollars offshore, reducing oversight and increasing risks for consumers," he said.
Garlinghouse's Reaction After Hearings
In a social media post after the hearings, Garlinghouse thanked the Senate Banking Committee for holding the hearing. He expressed hope that the U.S. can still develop smart, fair laws that are suitable for the crypto industry.
Brad Garlinghouse's remarks highlight a growing recognition of the need for cryptocurrency market regulation. He is hopeful that legislative changes will help restore the U.S. competitive edge in this sector.
