XRP News Today: Ripple CEO Calls for US Crypto Regulation Clarity in Senate Testimony

Ripple CEO Brad Garlinghouse has released his prepared testimony for the upcoming hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. As the leader of one of the world’s most prominent blockchain firms, Garlinghouse’s remarks focus on the ongoing challenges posed by regulatory ambiguity in the digital asset sector.

Garlinghouse begins his testimony by reiterating Ripple’s founding mission: to enable the Internet of Value, where money moves as easily as information. He highlights Ripple’s use of XRP and the XRP Ledger, describing it as a decentralized, open-source blockchain designed for fast, low-cost, and highly scalable transactions. Garlinghouse emphasizes that Ripple’s infrastructure and global reach have proven their real-world utility through cross-border payments and digital asset custody. However, he points out that the lack of clear regulatory guidelines in the U.S. is hindering innovation in the sector.

Garlinghouse also addresses Ripple’s legal battle with the Securities and Exchange Commission (SEC), which began with a 2020 enforcement action targeting XRP. He notes that Ripple has obtained over 60 licenses in the U.S. and other parts of the world, demonstrating their commitment to working with policymakers. Garlinghouse highlights the court’s decision that XRP is not, in and of itself, a security, stating that this ruling should have set a clear precedent and ended what he calls a “regulation-by-enforcement campaign.”

Garlinghouse calls for immediate legislative action, urging Congress to pass comprehensive market structure legislation. He prioritizes bills like the recently passed GENIUS Act, which would clearly define regulatory boundaries and allow for innovation. His policy priorities include clear jurisdictional boundaries for regulators, pathways for growth in the U.S. while maintaining consumer protection, and leveraging blockchain technology to make the U.S. a global leader in the crypto space.

Garlinghouse emphasizes that there is no reason the U.S. should not be the undisputed leader in digital assets and blockchain, given that over 55 million Americans now participate in the crypto economy, supporting a $3.4 trillion market. He shares stories of Americans who were initially skeptical but came to see the advantages of cryptocurrencies after educating themselves and engaging with the market. Garlinghouse aims to break the crypto holder stereotype and provide regulatory clarity for XRP holders and the millions of American crypto users.

Speaking on behalf of Ripple and the broader crypto industry, Garlinghouse urges the Senate to prioritize passing legislation for digital assets. He argues that clear rules are essential to make the U.S. the crypto capital of the world, emphasizing the need for regulatory clarity to support innovation and growth in the digital asset sector.