On July 9, a significant session of the US Senate Banking Committee will take place to discuss cryptocurrency regulation, featuring Ripple CEO Brad Garlinghouse.
Significant Senate Session
The discussion provides Garlinghouse with a unique opportunity to directly convey to senators the necessity of implementing clear and actionable rules. Expressing gratitude to Senators Tim Scott, Cynthia Lummis, and Representative Ruben Gallego for their crypto-friendly approaches, Garlinghouse noted on Twitter that balanced regulations will protect investors while encouraging innovation.
Key Legislative Proposals
The committee will evaluate three critical legislative proposals: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act. The CLARITY Act aims to clarify the distinction between which cryptocurrencies are securities and which are commodities, defining the roles of the SEC and CFTC. According to Senator Scott, one of the act’s co-sponsors, it might be up for a vote by October if the political environment allows.
Supporting Voices in the Discussion
Garlinghouse will be joined by Jonathan Levin, CEO of blockchain analysis firm Chainalysis, Summer Mersinger from the Blockchain Association, and a distinguished academic from Harvard University. The speakers will argue that clear and transparent regulations are crucial for the US to maintain its competitive edge in the global cryptocurrency sector. Garlinghouse stresses the need for cryptocurrency companies to know which regulatory body to report to, while Levin will present evidence of effective crime prevention through blockchain tracking tools.
The Senate session on cryptocurrency regulation, featuring various stakeholders, marks an important step toward establishing clear rules in this rapidly evolving sector.
