Ripple, a blockchain-based cross-border payment network, expects positive developments in crypto regulation in the United States this year.
Brad Garlinghouse is opening Tuesday’s 118th Congress. enumerates He cites the top reasons that he believes 2023 is a breakthrough year in crypto regulation.
He claims that both Republicans and Democrats support the push to regulate digital assets. He names Senators Kirsten Gillibrand, Cynthia Lummis (R–WY), Cory Booker(R-AR), John Boozman (“R-AR”) and Debbie Stabenow (“D-MI”) as those who acknowledge the need for clarity in this space.
“We’re not working with a blank slate. Prior bills have tried to address everything from stablecoins and CEXs (RFIA and DCEA); clearer definitions of what constitutes a digital asset security (Securities Clarity Act); safe harbors (Clarity for Digital Tokens Act) and more.”
He said that although bills on crypto regulation might not be voted for by everyone, these proposals could still serve as a starting point in a congressional debate.
“The building blocks for regulation have already been introduced, and we have a chance to get this right for millions of Americans who already are – and will continue to be – interested in crypto.”
Garlinghouse claims that the UK, Brazil, Singapore, and Japan have their own crypto frameworks, while the US is still in the lead. He warns that the absence of standards for regulatory compliance could have catastrophic consequences, such as the collapse and disintegration of the Bahamian-based crypto currency FTX.
“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!) We will see a breakthrough.
The 118th Congress is a historic opportunity to ensure that the US continues to be an innovator leader for decades to to come. We hope it’s one they take.”
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