Ripple CEO: Optimistic On Regulatory Clarity For Crypto This 2023!
Ripple Labs CEO Brad Garlinghouse has recently taken to Twitter to voice his optimistic view on the crypto industry this upcoming year.
To mark the first day of the 118th Congress, Garlinghouse explains that despite how efforts of achieving regulatory clarity have been near impossible these last couple of years, the Ripple CEO truly believes that 2023 may be the year that the industry finally receives some regulatory clarity for cryptocurrencies.
Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why…
— Brad Garlinghouse (@bgarlinghouse) January 3, 2023
Garlinghouse explains out a number of reasons why 2023 may be different to all the years before it, pointing out that multiple policies and bills such as the Securities Clarity Act, the Cryptocurrency Facilitation for Investors and Digital Assets Act (RFIA), and the Clarification for Digital Tokens Act could have been a starting point to push for more crypto discussions in congress.
“No bill is perfect and there likely never will be one that satisfies everyone. But perfect shouldn’t be the enemy of progress – these proposals provide more than a starting point for debate in this new Congress. The stakes couldn’t be higher.” He wrote.
The Ripple CEO pointed out that countries like Singapore, the EU, Brazil, and Japan are already ahead of the U.S in terms of crypto legislation and regulations. Garlinghouse argues that a lack of coordinated effort to implement a regulatory framework both globally and in the U.S has been a major cause as to why crypto firms are pushing business to “countries [with] lower regulatory bars.”
Proper crypto regulations and regulatory clarity have been an extremely hot topic within the last months of 2022, with multiple crypto leaders and figures arguing that a lack of clarity from regulators is the leading cause for many issues within the crypto industry, including the major collapse of FTX.
Despite this, earlier in November, SEC Chair Gary Gensler argued back against the criticism, claiming that the crypto regulations present are already there and ‘very clear.’
“I think that investors need better protection in this space. But I would say this, this is a field that’s significantly non-compliant. But it has got regulations and those regulations are often very clear.” Gensler said in an interview with CNBC.