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Ripple's CEO calls for clear rules for stablecoins
News
Friday, 05/09/2025 - 06:05
Industry leaders urged senators to pass legislation
Ripple's CEO, Brad Garlinghouse, turned to the social media platform X to urge U.S. senators to pass important legislation regarding stablecoins.
He added, "The sooner the United States can enact clear and enforceable rules, the sooner it can reap the benefits of this technology."
Garlinghouse noted that stablecoins are currently experiencing a global "explosion" based on the massive number of announcements across cryptocurrencies and traditional finance.
As reported by U.Today, the GENIUS Act, which aims to create a clear regulatory framework for stablecoins, failed to pass a procedural hurdle in the Senate on Thursday to move forward to a full vote. Arizona Senator Ruben Gallego claimed that Democrats did not have enough time to review the proposed changes, and therefore the bill did not receive enough votes to close the discussion. Some Republican senators, including libertarian Rand Paul, also voted against the high-risk stablecoin bill.
Senators are likely to consider the new version of the bill next week. In a statement that Garlinghouse re-shared, Treasury Secretary Scott Pessen stated that the bill represents a "rare opportunity" to expand the dominance of the U.S. dollar. Pessen warned that cryptocurrency innovation may move abroad. Galaxy's CEO, Mike Novogratz, emphasized that it is "essential" for the Senate to pass stablecoin legislation, stressing that it should not be partisan.
