Brad Garlinghouse analyzed efforts at regulatory clarity for crypto in the US

Head of Ripple Brad Garlinghouse analyzed efforts at regulatory clarity for crypto in the US.

Head of Ripple Brad Garlinghouse on twitter analyzed efforts at regulatory clarity for crypto in the US. He noted:

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…

1/ support for regulation is bipartisan & bicameral. Leaders like @PatrickMcHenry, @CongressmanGT, @RepTomEmmer, @RitchieTorres, @RoKhanna, @SenStabenow, @JohnBoozman, @SenGillibrand, @SenLummis, @CoryBooker have publicly supported blockchain and recognized the need for clarity.

2/ 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.

3/ 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.

4/ Singapore, the EU, Brazil, and Japan all have crypto frameworks – and the UK is well ahead of the US. But the lack of coordinated standards globally (or any in the US) continues to push business to countries w/ lower regulatory bars – w/ sometimes catastrophic results (FTX).

5/ Changing the status quo is never easy but I believe that the will to act exists. 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.

6/ The 118th Congress has a historic opportunity before it to ensure the US remains an innovation leader for decades to come. We hope it’s one they take.