Ripple CEO Brad Garlinghouse will testify at U.S. Senate hearings concerning the GENIUS and CLARITY Acts related to cryptocurrency regulation. This significant event could affect the future legislation of digital assets.
Garlinghouse's Testimony on GENIUS and CLARITY Bills
Brad Garlinghouse, CEO of Ripple, has confirmed his participation in the U.S. Senate hearings on July 9th. The hearings, titled 'From Wall Street to Web3', will focus on the 'GENIUS Stablecoin Act' and 'CLARITY Market Structure Act', which aim to clarify the regulatory divide between the SEC and CFTC. Garlinghouse noted that establishing clear rules could change the crypto landscape by setting boundaries for regulatory authorities.
Historical Impact of U.S. Crypto Regulations
The significant role of U.S. regulation in global crypto movements has been observed previously. For example, the SEC vs. Ripple case in 2021 forced major exchanges to delist XRP from their trading platforms. Regulatory changes historically occurring in the U.S. have had a ripple effect on global cryptocurrency markets.
Crypto Market Under Legislative Changes
Currently, Bitcoin (BTC) trades at $108,926.10, with a market capitalization of $2.17 trillion, accounting for 64.4% of the total market, according to CoinMarketCap. The GENIUS and CLARITY bills are expected to stimulate market growth by attracting institutional investors who are cautious due to regulatory uncertainties.
Garlinghouse's testimony before the Senate will be a crucial step towards establishing clarity in cryptocurrency regulation in the U.S. The discussions around these bills could significantly impact the digital asset market in the future.
