🔥🔥🔥🔥🔥🔥🔥🔥$XRP Ripple’s Brad Garlinghouse addresses Treasury’s Bessent and calls for clear crypto and stablecoin regulation
Ripple CEO Brad Garlinghouse has called for urgent legislative clarity around digital assets and stablecoins in the United States. This comes in response to US Treasury Secretary Scott Bessent’s comments on the stalled progress of the GENIUS Act in the Senate. The proposed bill failed to pass a Senate vote late Thursday after several Democrats who had supported it earlier defected.
In a May 9 X post, Garlinghouse asked lawmakers to help the US to “catch up” in crypto regulation. “Stablecoins are exploding globally for their real-world applications,” he wrote. “The sooner that the US can pass workable, clear rules, the faster it reaps the benefits of this technology.“
His post was a direct reply to a message from Bessent, who was disappointed after the Senate failed to advance the GENIUS Act.
“For stablecoins and other digital assets to thrive globally, the world needs American leadership. The Senate missed an opportunity… Senators who voted to stonewall US ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore,” the Treasury Secretary beckoned.
Setback in the Senate over GENIUS Act
On Thursday, the Senate failed to pass a procedural vote that would have moved the GENIUS Act closer to becoming law. The vote, which required support to end debate and advance the legislation, faltered when several pro-crypto Democrats unexpectedly opposed cloture.
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