Ripple CEO Brad Garlinghouse has provided his complete testimony ahead of his Senate appearance, emphasizing the importance of clear regulations for the crypto industry and the role of XRP.
Ripple's Role in the Crypto Ecosystem
Garlinghouse outlines how Ripple utilizes XRP to streamline financial transactions. He expresses that Ripple was founded with the mission to create 'the Internet of Value', where money would move as easily as information. He emphasizes that their software is designed to support cross-border payments and stablecoins using blockchain technology.
Need for Legislative Clarity
In his address, Garlinghouse points out the challenges facing the crypto industry in the U.S. He states that 'legal and regulatory uncertainty has prohibited meaningful progress'. He urges the Senate to prioritize the passage of market structure legislation for digital assets to ensure that the U.S. can lead in the cryptocurrency space.
Garlinghouse's Conclusion
In conclusion, Garlinghouse outlines three key goals for lawmakers: defining regulatory boundaries, enabling companies to build in the U.S., and positioning the country as a global leader in digital assets. He stresses that 'smart legislation should be based on core principles protecting consumers, ensuring proper market oversight, and fostering innovation.'
Garlinghouse's testimony underscores the urgent regulatory issues facing the crypto industry and the need for structured legislation to support innovation and protect consumers.
