Ripple CEO Urges US Senate to Prioritize Digital Asset Legislation

Ripple’s CEO, Brad Garlinghouse, has testified before the US Senate, urging lawmakers to prioritize the passage of market structure legislation for digital assets. Garlinghouse emphasized that the US, with its deep capital markets, advanced technical talent, and innovative spirit, is well-positioned to become the global leader in digital assets and blockchain technology. He highlighted that over 55 million Americans are already participating in the crypto economy, which has a market cap of $3.4 trillion. Garlinghouse stressed the need for a smart regulatory framework to unlock the full potential of the crypto market and ensure US competitiveness.

Garlinghouse outlined key principles for smart legislation, including consumer protection from fraud and scams, proper market oversight, and the need to keep bad actors in check while fostering innovation. He called on lawmakers to set clear jurisdictional boundaries for financial regulators, establish pathways for companies to build in the US without compromising investor or consumer protections, and ensure the US leverages the benefits of digital assets and blockchain technologies to maintain global leadership. He also pointed out that the lack of clear regulatory guidelines over the past decade has hindered progress in the US, pushing technology, jobs, and tax dollars offshore and reducing regulatory oversight, thereby increasing consumer risk.

Garlinghouse also mentioned that Ripple has nearly 900 employees across 15 offices worldwide. He emphasized that a constructive and workable framework for digital assets and stablecoins would expand access to financial markets, create jobs, and boost the economy. He also noted that Ripple’s stablecoin, RLUSD, launched in late 2024, has reached a $500 million market cap in less than seven months. This achievement was bolstered by its integration with Transak, a major cryptocurrency payments platform, which enables its 8.3 million users to purchase RLUSD using multiple fiat currencies. The integration supports 64 countries, including key markets like the US, the UK, and the European Union, and has been aligned with regulatory requirements across these markets.

Garlinghouse also announced that the Bank of New York Mellon Corporation (BNY) has been selected as the primary custodian of RLUSD reserves, further increasing interest in Ripple’s token XRP. He emphasized that regulatory clarity is crucial for trusted banks to fully embrace crypto, highlighting the potential for significant institutional involvement in the crypto market. Garlinghouse concluded by reiterating the urgency for the US to establish a clear market structure for digital assets to maintain its competitive edge and drive economic growth.