Ripple's CEO Brad Garlinghouse testified before the US Senate, calling for the development of legislation for digital assets to position the US as the crypto capital of the world.
Call for Legislation
Brad Garlinghouse urged lawmakers to prioritize the development of legislation for digital assets. He emphasized that the US has deep capital markets and advanced technical talent, positioning the country ideally for leadership in cryptocurrency.
Core Principles of Regulation
Garlinghouse pointed out the need for clear regulations such as consumer protection against fraud and market oversight. He stated that legislation should set clear jurisdictional boundaries for financial regulators and create pathways for companies to grow in the US while ensuring investor and consumer protections.
RLUSD's Success and BNY Partnership
Ripple announced that its stablecoin RLUSD reached a market capitalization of $500 million in less than seven months. The Bank of New York Mellon has been selected as the primary custodian for RLUSD reserves, which has also increased interest in XRP.
Brad Garlinghouse's statements highlight the necessity for a clear regulatory framework for digital assets in the US and his outlook on the future growth of the crypto economy.
