according to the website - By 36crypto
Ripple's CEO set down the microphone before the passage of the historic GENIUS Act, calling it a 'historic moment'
Ripple CEO Brad Garlinghouse called the GENIUS Act a 'historic moment' as this landmark bill heads for final approval by the president. The bill, aimed at ensuring clarity in the regulation of stablecoins, represents the most significant financial reform in the U.S. since the 2008 financial crisis.
According to Garlinghouse's message on X (formerly Twitter), the signing of the GENIUS Act strengthens the country's position as a leader in truly innovative financial technologies. He emphasized that stablecoins play a key role in these changes and optimistically looks forward to what opportunities the new law may open for the digital finance industry.
His remarks prompted an immediate reaction from the XRP community, with crypto commentator John Squire (@TheCryptoSquire) calling it a moment of glory for the future of finance. He stated, 'Ripple CEO Brad Garlinghouse paused before signing the GENIUS Act. This marks the moment when the U.S. secures its place as one of the world's innovators in stablecoins.'
Ripple's Chief Legal Officer Stuart Alderoty (@s_alderoty) also reacted to this event, highlighting the parallel advancement of the CLARITY Act in the Senate.
He stated that there is now momentum for developing clear and practical frameworks for cryptocurrencies and stablecoins that will protect consumers and foster innovation. Alderoty asserted that this is what Americans have always demanded.
House Majority Whip Tom Emmer confirmed the passage of the GENIUS Act. He stated that the bill will update the payment system, strengthen the dollar's position as the world's reserve currency, and promote the creation of an effective regulatory framework for stablecoin issuers in the United States. The legislation reflects growing bipartisan support for oversight of digital assets.
Bipartisan support played a crucial role in advancing the bill. Garlinghouse publicly expressed gratitude to several members of Congress who facilitated the bill's progress, including Congressman French Hill, Congressman Dusty Johnson, Congresswoman Angie Craig, Congressman Don Davis, Congressman Brian Stile, Speaker Mike Johnson, and others.
Their contributions reflect their collective stance on the regulation of digital assets as global standards are still in the early stages of development.
Such legislative actions have followed a growing desire from the fintech sector and users of digital assets to address the issue of regulatory transparency. The GENIUS Act, defining the regulatory framework for stablecoins under U.S. law, aims to reduce risks while simultaneously fostering innovation.
Conclusion
As the GENIUS Act gains momentum, Ripple's leadership and bipartisan support from lawmakers indicate significant changes in U.S. financial policy. Stablecoins, which once operated in a 'gray area' legally, are now entering a phase of regulatory certainty, creating conditions for the long-term growth of the digital economy.
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