Ripple CEO Brad Garlinghouse is preparing to testify before the U.S. Senate Banking Committee, discussing the need for clear rules for the cryptocurrency market.
Garlinghouse's Position on Crypto Rules
Brad Garlinghouse expressed his pride in the opportunity to speak directly to lawmakers about the need for proper rules for digital assets. He emphasized the importance of protecting everyday people and supporting innovation in the field. Garlinghouse pointed out that existing ambiguities in regulation often create confusion for crypto companies regarding which agencies, the SEC or CFTC, are responsible for oversight in various situations.
Key Legislation on the Table
The hearings are taking place amid the consideration of three major bills: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act. Senator Tim Scott hinted that the CLARITY Act could gain approval by October if all goes according to plan. The aim of these bills is to establish clear rules for the operation of crypto companies, brokers, and exchanges.
Other Speakers at the Hearing
Brad Garlinghouse will not be alone at the hearing. Other notable figures joining him include Jonathan Levin, CEO of Chainalysis, and Summer Mersinger, CEO of the Blockchain Association. They intend to discuss the importance of establishing clear rules to support the growth of the crypto market in the U.S.
Garlinghouse's testimony and the consideration of important legislation underscore the relevance of the topic of clear cryptocurrency market regulation in the U.S., which may contribute to a safe investment climate and innovation.
