Source: - By ZyCrypto
Ripple's CEO Brad Garlinghouse will testify at key hearings in the U.S. Senate that could rethink the principles of oversight, innovation, and investor protection in digital markets.
This will be Garlinghouse's first official testimony before the Senate Banking Committee.
Garlinghouse will testify regarding cryptocurrency legislation at the Senate hearings.
Garlinghouse confirmed in a post on X that he has been invited to testify before the U.S. Senate Banking Committee on Wednesday, July 9, at a full committee hearing titled 'From Wall Street to Web3: Building the Markets for Digital Assets of the Future.'
"It is a great honor for me to be invited to testify before the Senate Banking Committee this Wednesday about the need for a cryptocurrency market structure bill," Garlinghouse wrote.
The head of Ripple expressed gratitude to Senators Tim Scott, Ruben Gallego, and Cynthia Lummis, leaders of the newly formed subcommittee on digital assets.
Garlinghouse called for the adoption of a 'constructive' cryptocurrency market structure law, stating that it is critical to usher in a 'new era of innovation.'
He will be present at the hearings alongside other industry leaders, including Summer Mersinger, CEO of the Blockchain Association, Jonathan Levin, CEO of Chainalysis, and Dan Robinson from Paradigm.
The hearings will focus on proposed legislation for the digital asset market structure, including bills such as the Senate's Guidance and Establishment of National Innovations for U.S. Stablecoins Act (GENIUS) and the House's Market Structure 'Clarity Act.'
These two bills are currently at an advanced stage of consideration after being approved by key committees and voted on in the lower house of Congress, marking an important victory for the crypto industry. Both bills are part of a broader effort to adopt comprehensive rules governing the issuance, trading, and regulation of digital assets, ensuring the United States' status as an 'undisputed Bitcoin superpower.' The SEC has made significant progress in regulating cryptocurrencies.
The upcoming hearings come immediately after a significant shift in the stance of the Securities and Exchange Commission (SEC) regarding cryptocurrencies. After years of active enforcement actions, the Commission has recently taken steps showing closer collaboration with the industry. This includes issuing guidance on companies' disclosures about digital assets to clarify which tokens fall under federal securities laws and dismissing lawsuits.
An additional factor is Ripple's legal achievement. The blockchain payments company recently announced the dismissal of a countersuit in a protracted legal battle with the SEC, signaling an end to a five-year lawsuit regarding XRP's status as a security.
The SEC is expected to follow suit by withdrawing its appeal, as previously reported by ZyCrypto. This came after the U.S. District Court rejected Ripple's joint motion to reduce a $125 million fine.
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