Ripple’s Brad Garlighouse envisions the future of the global economy and urges the United States to prioritize stablecoins, which he believes will have a major financial impact across various industries.
The Ripple boss, who took to X to share his outlook, noted that adoption of stablecoins is on the rise due to their real-world influence across diverse markets.
Highlighting the continued growth in adoption, Garlinghouse shared the following;
“Stablecoins are exploding globally for their real-world applications (the sheer amount of recent announcements across crypto, fintech and traditional finance should indicate as such). The sooner that the US can pass workable, clear rules, the faster it reaps the benefits of this technology.”
Garlighouse’s assertion was made in response to conversations surrounding the GENIUS stablecoin bill, focusing on U.S. Treasury Secretary Scott Bessent’s criticisms of the collective response from the Senate.
Bessent’s criticism comes as the GENIUS stablecoin bill failed its first Senate vote. After the initial 49 votes in favor of advancing the bill, the Senators reverted to revisiting the legislation later, following Senate leader John Thune’s decision to change his vote to a no.
“For stablecoins and other digital assets to thrive globally, the world needs American leadership. The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.” Bessent wrote.
If the bill is approved, it could help expand the U.S. dollar’s global dominance while boosting the country’s influence in financial innovation, said Bessent.
Failure to approve the bill could result in stablecoins missing out on a well-outlined federal regulatory framework that is poised to foster growth and risk becoming subject to state regulations.
“The world is watching while American lawmakers twiddle their thumbs. Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore.” The U.S. Treasury Secretary concluded.
