Ripple CEO Pushes for Clear Crypto Regulation in DC

Ripple CEO Pushes for Clear Crypto Regulation in DC

Ripple Labs CEO Brad Garlinghouse recently met with prominent American leaders in Washington D.C. to advocate for a regulatory framework that fosters innovation in the cryptocurrency industry. Garlinghouse expressed optimism about the progress made during these meetings, suggesting that there is an opportunity to advance bipartisan legislation that establishes clear, constructive, and pro-innovation regulatory frameworks for crypto.

While Garlinghouse did not share the main details of the meetings, his recent post on Twitter implied a level of progress. He claimed that they are working on a cohesive legislation that would provide clarity for the industry. Cryptocurrency entities have gone through different uncertainties due to the lack of explicit rules in the United States. If these discussions lead to actionable policies, they could bring change and stability to the sector and encourage further investment.

Meanwhile, Ripple Labs has been making large transfers of its native token, XRP. According to blockchain tracking service Whale Alert, a staggering 430.8 million XRP, valued at over $1.1 billion, was moved in separate transactions. In another transaction, over 300 million XRP was sent to an anonymous wallet connected to Ripple. Additionally, 90 million XRP moved between unidentified wallets, and 40.8 million XRP was withdrawn from the Coincheck exchange.

Following these events, XRP recorded a 10% increase in price, hitting $2.69 with a market capitalization of $156.06 billion. In addition, XRP has flipped Tether’s USDt stablecoin to claim its spot as the third-largest cryptocurrency globally. Meanwhile, the U.S. Securities and Exchange Commission (SEC) has to list spot ETF funds for XRP and Dogecoin (DOGE), marking a significant step forward in the growing wave of crypto investment products.