Ripple CEO Urges US Lawmakers to Act on Stablecoin Regulations

Ripple CEO Brad Garlinghouse has urged US lawmakers to expedite the establishment of a clear regulatory framework for stablecoins, warning that the US risks falling behind in the global financial landscape without prompt action.

In a statement released on May 9, Garlinghouse highlighted the increasing global adoption of stablecoins and the practical use cases that are driving their widespread acceptance. He cautioned that delays in implementing clear regulations could impede the US from fully leveraging the benefits of this technology.

This call to action comes in the wake of the US Senate's failure to advance the GENIUS Act, a proposed bill aimed at introducing a federal approach to stablecoin regulation. On May 8, lawmakers voted 49–48 against moving the bill forward, effectively halting its progress. A revised version of the bill is anticipated to be introduced in the coming weeks.

US Treasury Secretary Scott Bessent criticized the decision, describing it as a missed opportunity to enhance US influence and reinforce the dollar’s dominance in the evolving financial landscape. He emphasized that the GENIUS Act could have provided a streamlined federal framework more conducive to growth and competitiveness, rather than subjecting stablecoins to a patchwork of state regulations.

Garlinghouse’s remarks coincide with a period of significant growth in stablecoin usage. Unlike volatile digital assets such as Bitcoin, stablecoins are typically pegged to fiat currencies like the US dollar, offering greater price stability and practical utility in payments and cross-border transactions.

This stability has attracted the attention of traditional financial institutions. Over the past month, companies including Stripe and Meta have shown increasing interest in the stablecoin sector, reflecting its growing importance within the broader financial ecosystem.