XRP News Today: Ripple CEO to Testify Before US Senate on Crypto Market Structure

Ripple CEO Brad Garlinghouse has announced that he will testify before the US Senate Banking Committee during its hearing this week on Wednesday morning. He will assert the need for constructive crypto market structure legislation in the US.

Garlinghouse confirmed on X saying, “I am honored to be invited to testify in front of the Senate Banking Committee this Wednesday on the need for passing crypto market structure legislation.”

The hearing titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets,” will be overseen by Senate Banking GOP Chairman Tim Scott, along with Senators Cynthia Lummis and Ruben Gallego, who are in charge of the Subcommittee for Digital Assets.

Garlinghouse has praised them, saying, “Your leadership – both with this hearing and over the years in championing the crypto industry – has been critical to getting us to this important moment.”

This happened two weeks after the Senate Banking Subcommittee on Digital Assets released the rules to develop the crypto bill. The senators said that the principles would help them figure out how to talk to stakeholders interested in the bill, like the CEO of Ripple.

Garlinghouse will join industry voices, including Blockchain Association member Summer Mersinger and Chainalysis CEO Jonathan Levin. Together, they will address the Senate on how fragmented regulation limits innovation and undermines US leadership in digital assets. XRP holders expect their testimony to emphasize urgency and promote a consistent approach.

“Constructive crypto market structure legislation in the US is imperative in bringing about a new era of innovation and financial opportunity, while protecting consumers,” Garlinghouse said.

Paradigm researcher Dan Robinson will also testify. He will bring technical insights into how regulation affects blockchain development. Legislators intend to gather input from all sides before finalizing any framework.

The hearing will address the proposed crypto market structure legislation, including bills such as the GENIUS Act and CLARITY Act, as well as frameworks for digital assets.

The GENIUS stablecoin and CLARITY digital asset market bills are in advanced legislative stages. They have both cleared key committees and floor votes. They are part of a wider push to modernize US digital asset regulation.

The lawmakers also seek to draw clearer lines between digital assets regulated by the SEC and those under CFTC oversight. Their proposal introduces specific definitions intended to reduce jurisdictional uncertainty and increase transparency.

XRP holders see this as a possible turning point in determining how to classify XRP. Ripple has been in touch with officials many times, but the token is still in regulatory uncertainty. XRP holders have endured mixed signals from federal agencies for years, impacting the asset’s adoption and price stability.

Garlinghouse's testimony is part of a broader effort by the Senate to address the need for comprehensive legislation governing the crypto market structure. This invitation highlights the increasing scrutiny and attention that digital assets are receiving from regulatory bodies, as lawmakers seek to establish clear guidelines for the industry.

Garlinghouse emphasized the importance of regulatory clarity in the crypto space, noting that his testimony will focus on the need for passing legislation that can provide a stable framework for digital assets. His appearance before the Senate Banking Committee is expected to cover various aspects of crypto regulation, including market structure and the potential impact of new laws on the industry.

This testimony comes at a critical time, as the Senate continues to grapple with the complexities of regulating a rapidly evolving sector. The invitation to testify before the Senate Banking Committee is a significant milestone for Ripple and the broader crypto community. It reflects the company's growing influence and its role in shaping the regulatory landscape for digital assets.

Garlinghouse's participation in this hearing is likely to provide valuable insights into the challenges and opportunities facing the crypto industry, as well as the potential benefits of clear and comprehensive regulation. His testimony is expected to be closely watched by industry stakeholders, policymakers, and the public, as it could set the stage for future regulatory developments in the United States.