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  • The founder of Cardano praises participants in the sector following a meeting

  • Closed in Washington.

  • Monica Long, CEO of Ripple, expressed optimism about the progress made in clarifying regulatory frameworks.

  • The approval of the market structure bill in the Senate requires 60 votes with bipartisan support.

Charles Hoskinson, founder of Cardano, praised Ripple and other pioneers in the cryptocurrency industry following a high-level roundtable meeting of the U.S. Senate Banking Committee that focused on the legislative framework for the cryptocurrency market.

The closed session held on September 17th in Washington, D.C., brought together key participants in the sector, where lawmakers refined the latest draft of U.S. digital currency regulations.

Hoskinson used social media to highlight the contributions of key participants during the meeting, particularly praising Ripple's involvement in the legislative discussion process. This public support from the founder of Cardano comes as the sector continues to work with federal lawmakers to establish comprehensive frameworks for digital assets.

Industry leaders expressed their optimism regarding regulatory aspects.

Monica Long, CEO of Ripple, expressed optimism following the roundtable session, describing blockchain technology as a 'financial revolution' that has yet to fully integrate with the existing financial infrastructure due to regulatory ambiguity. Long noted the changing environmental conditions as a result of successive legislative initiatives.

The executive officer of Ripple pointed to multiple regulatory efforts, including the GENIUS Act for stablecoins, the Clarity Act, and the Responsible Financial Innovation Act currently being worked on in the Senate. These legislative proposals aim to set organized approaches for overseeing digital assets and market operations.

Long expressed appreciation for lawmakers' willingness to engage directly with participants in the cryptocurrency sector. She praised their openness to understanding practical applications while drafting legislation that balances consumer protection, encourages innovation, and long-term adaptation requirements.

The CEO of Ripple thanked Senators Tim Scott and Cynthia Lummis for their leadership roles in advancing discussions on cryptocurrency regulation. The senators have been active proponents of establishing clear frameworks for digital assets through bipartisan legislative efforts.

According to journalist Eleanor Terrett, the roundtable, which lasted 90 minutes, attracted representatives from major cryptocurrency organizations, including a16z, Kraken, Coinbase, Multicoin Capital, Paradigm, and Circle, along with participants from Cardano and Ripple.

The discussion focused on improving the drafting of the market structure bill in the Senate, which will define the responsibilities of federal agencies in overseeing cryptocurrencies. The legislation could assign the Commodity Futures Trading Commission (CFTC) as the primary regulatory authority, while delineating the roles of the U.S. Securities and Exchange Commission (SEC) and the Financial Crimes Enforcement Network (FinCEN).