Ripple CEO Brad Garlinghouse announced his full testimony before appearing before the Senate Banking Committee. The hearing titled "From Wall Street to Web3: Building the Digital Asset Market of Tomorrow" is scheduled for July 9, 2025.

In his testimony, Garlinghouse outlined Ripple's role in the cryptocurrency ecosystem and clarified how XRP is used to address real-world financial issues.

Garlinghouse opened his speech by stating, "Ripple was founded over a decade ago with the mission: to create the Internet of Value — a world where money moves like information does today."

He explained that Ripple builds software to support cross-border payments and stablecoins using blockchain technology. He noted that the company's focus is on reducing friction, unlocking efficiency, and serving institutional customers.

He also emphasized the practical application of Ripple's technology when stating, "Ripple leverages XRP Ledger — a decentralized open-source blockchain that has been tested in practice — and its native digital asset, XRP, to facilitate payments." He described XRP as a tool designed to enable fast, low-cost, and scalable transactions.

Garlinghouse used part of his testimony to discuss the ongoing challenges that the cryptocurrency industry faces in the U.S. He said, "Over the past decade, the legal and regulatory uncertainty surrounding cryptocurrency has hindered meaningful progress in the U.S."

He noted that Ripple is the "first leading cryptocurrency company in the U.S. to be sued by the SEC," referring to the legal battle that began in 2020. He added, "Our victory has paved the way for other market participants to fight back."

In a message to lawmakers, Garlinghouse made a strong case for congressional action. He urged the Senate to "prioritize passing a market structure bill for digital assets... to ensure that the U.S. becomes the cryptocurrency capital of the world."

He warned that without clear policy, "technology, jobs, and tax revenue will move overseas," weakening the U.S. leadership position.

Garlinghouse also outlined three goals for lawmakers. These include defining regulatory boundaries, allowing companies to build in the U.S. without undermining protections, and positioning the U.S. as a global leader in digital asset innovation.

He stated, "Smart legislation must be based on some core principles: consumers need to be protected from fraud and scams, markets need to be closely monitored, bad actors need to be held accountable, and innovation must be encouraged."

Conclusion

Garlinghouse's testimony, shared in advance, provides the Senate Banking Committee with detailed insights into Ripple's operations and the utility of XRP. His remarks call for structured legislation that supports innovation, protects consumers, and restores the U.S. position in digital finance.