The legal showdown between Ripple and the SEC, with significant implications for the crypto industry, is drawing to a close. Ripple CEO Brad Garlinghouse has a chance to clarify regulatory matters.
Ripple vs. SEC: Will the Disputes End?
The legal battle between Ripple and the SEC, which has been ongoing for several years, may be nearing its end. Ripple has dropped its cross-appeal, and now everyone is waiting for the SEC to officially withdraw theirs. If this occurs, the years-long legal fight could wrap up in a matter of days or weeks, which would provide the necessary regulatory clarity for XRP.
Brad Garlinghouse's Priorities for Congress
During his testimony before the Senate, Garlinghouse emphasized that smart crypto regulation should protect consumers and keep bad actors in check. He pointed out that years of regulatory uncertainty have damaged innovation and jobs in the U.S. Notably, Ripple was the first major U.S. crypto company sued by the SEC in 2020. Garlinghouse outlined three key priorities for Congress: clearly define the roles of financial regulators, create safe pathways for companies to innovate in the U.S., and develop a plan to ensure the U.S. can be a global crypto leader.
The Need for CLARITY Act
In his testimony, Garlinghouse called on the Senate to prioritize the passage of the crypto market structure bill (CLARITY Act) for digital assets. This could spark a new wave of innovation and bring significant benefits to both consumers and businesses. Ripple is ready to collaborate with lawmakers to achieve these goals.
The situation surrounding the Ripple and SEC lawsuit could clarify soon, potentially shaping the future of the crypto industry in the U.S.
