Ripple CEO, Brad Garlinghouse, recently spoke at the U.S. Senate hearing on regulations related to cryptocurrencies. Along with other industry leaders, he engaged with lawmakers about the need for clear regulations for the cryptocurrency market. Although no major announcements or decisions were made during the hearing, Garlinghouse said this was a positive step toward educating Congress on how cryptocurrencies work and the importance of fair regulations.
In his speech, Garlinghouse explained how Ripple uses blockchain technology and the XRP token to help banks and businesses transfer money across borders quickly and cost-effectively. He shared that Ripple works closely with regulators and has over 900 employees in 15 offices worldwide.
Garlinghouse also shared about the challenges Ripple faced in its lengthy legal battle with the U.S. Securities and Exchange Commission (SEC), which ended in 2023 when the court ruled in favor of Ripple. He warned that unclear regulations have pushed cryptocurrency companies and jobs out of the U.S., urging lawmakers to address this issue before it is too late.
'Over the past decade, the legal and regulatory uncertainty surrounding cryptocurrencies in the U.S. has hindered significant progress. At Ripple, we have witnessed firsthand how unclear regulations can be exploited to target the good actors. This drives technology, jobs, and tax revenue overseas, reducing oversight and increasing risks for consumers. It harms both businesses, investors, and American consumers,' he said.
He added, 'Fortunately, after four years of legal battles, we have won the lawsuit. The court ruled in our favor on all counts, including confirming that XRP itself is not a security. Our victory has paved the way for others in the market to resist.'
In a social media post after the hearing, Garlinghouse thanked the Senate Banking Committee and stated that it was encouraging to see all senators agree that cryptocurrencies will endure and deserve appropriate guidance. He added that while this is a small step, it gives him hope that the U.S. can still catch up and lead the cryptocurrency world with smart and fair regulations.
