Ripple CEO Brad Garlinghouse will testify before the US Senate Banking Committee on the need for clear legislation for the cryptocurrency market.
The hearing focused on building an appropriate legal framework for the digital asset market, to foster innovation and protect users in an increasingly clear regulatory environment.
MAIN CONTENT
Brad Garlinghouse emphasizes the importance of clearly structured cryptocurrency market laws.
Industry leaders and blockchain experts recommend removing regulatory fragmentation.
The GENIUS and CLARITY bills are in the works, clearly defining the authority to regulate digital assets.
Brad Garlinghouse Confirms Key Role at US Senate Hearing on Cryptocurrency Law What is it?
Brad Garlinghouse, CEO of Ripple, pledged to express the need for clear legislation to create an effective cryptocurrency market structure in the United States. He was invited to attend the hearing moderated by Senate Banking Committee Chairman Tim Scott, along with Senators Cynthia Lummis and Ruben Gallego, who are in charge of the digital assets subcommittee.
Garlinghouse’s involvement represents a combination of first-hand experience with crypto law and building relationships with legislators to foster a positive regulatory environment for the industry.
What do industry leaders and experts think about the fragmentation in crypto regulation?
According to Garlinghouse and experts like Chainalysis CEO Jonathan Levin, the current regulatory fragmentation is stifling innovation and undermining the United States’ global leadership in digital assets. They call for consistency, transparency, and a regulatory structure that protects consumers while facilitating sustainable growth.
“Constructive cryptocurrency market structure legislation is key to ushering in a new era of innovation and financial opportunity, while protecting consumers.”
Brad Garlinghouse, CEO Ripple, 07/2024
Paradigm researcher Dan Robinson will also provide technical insight into the regulatory implications of Blockchain development, helping lawmakers consider the full scope before finalizing a regulatory framework.
What bills will the hearing focus on and what do they mean?
Hearings on crypto bills like the GENIUS Act and the CLARITY Act are currently making active progress in important committees and voting sessions. They are part of an overall effort to modernize the regulatory framework for digital assets in the United States.
The bills propose to clearly delineate between assets regulated by the SEC and those under CFTC supervision, aiming to reduce jurisdictional ambiguity and increase market transparency.
What impact does the new law have on XRP and its user community?
XRP and the Token Holder community are hoping this is a turning point in clearly classifying this asset. For many years, Ripple has repeatedly discussed with the authorities but still faced legal uncertainty, affecting the acceptance and stability of the Token value.
The new law will help address mixed signals from federal agencies, create a stronger legal foundation for XRP to grow, and increase transparency for investors.
“Clarity in the regulatory framework not only protects investors but also serves as a lever for the US crypto industry to regain its global leadership position.”
Jonathan Levin, CEO Chainalysis, 07/2024
Frequently Asked Questions
What does Brad Garlinghouse's testimony mean for the US crypto industry? It shows the commitment of crypto business leaders to building a transparent legal framework, promoting sustainable development and protecting user rights. What are the GENIUS Act and CLARITY Act about? These two bills aim to establish clear regulations on stablecoins and digital assets, demarcate the authority between the SEC and CFTC, increase transparency and reduce legal disputes. Why is regulatory fragmentation a major challenge? Fragmentation creates many different legal frameworks, reduces innovation, stifles investment and causes the US to lose its leadership position in the global digital asset market. How will XRP be affected by the new bills? Clear laws will help define the legal position of XRP, thereby facilitating adoption and increasing the stability of this Token's value in the market. Who are the important figures present at the hearing? Brad Garlinghouse, Jonathan Levin (CEO Chainalysis), Summer Mersinger (Blockchain Association), and Dan Robinson (Paradigm) all participated in presenting in-depth perspectives.
Source: https://tintucbitcoin.com/ceo-ripple-garlinghouse-dieu-tran-thuong-vien/
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