XRP News Today: Ripple CEO to Testify Before Senate on July 9 2025 as SEC Shifts Stance on Crypto

Ripple CEO Brad Garlinghouse is set to testify before the U.S. Senate Banking Committee on July 9, 2025, during a hearing titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets.” This will be Garlinghouse’s first formal testimony before the Senate Banking Committee, and it comes at a critical juncture for the cryptocurrency industry. The hearing will focus on proposed digital asset market structure legislation, including the GENIUS Act and the CLARITY Act, both of which are in advanced legislative stages. These bills aim to establish a comprehensive regulatory framework for digital assets, ensuring that the United States remains a leader in the global digital asset market.

Garlinghouse has been vocal about the need for constructive crypto market structure legislation, emphasizing its importance in fostering innovation and protecting investors. He has expressed gratitude to Senators Tim Scott, Ruben Gallego, and Cynthia Lummis, who are leading the newly created subcommittee on digital assets. The hearing will also feature other industry executives, including Summer Mersinger, CEO of the Blockchain Association, Chainalysis CEO Jonathan Levin, and Paradigm’s Dan Robinson. Their collective testimony is expected to provide valuable insights into the current state of the digital asset market and the regulatory challenges it faces.

The upcoming hearing follows a significant shift in the Securities and Exchange Commission’s (SEC) stance toward cryptocurrencies. After years of enforcement-heavy actions, the SEC has recently taken measures to demonstrate a more collaborative posture with the industry. This includes issuing guidance on company disclosures related to digital assets and clarifying which tokens fall under federal securities laws. Additionally, Ripple has made significant legal progress, with the dismissal of its cross-appeal in the protracted case with the SEC, suggesting that the five-year legal battle over XRP’s security status is nearing an end. The SEC is expected to withdraw its own appeal, further signaling a potential resolution to the dispute.

Garlinghouse’s testimony comes at a pivotal time for Ripple, following a U.S. District Court ruling in July 2023 that XRP is not classified as a security when sold to the general public. This ruling was reaffirmed on June 26, 2025, when Judge Analisa Torres rejected a proposed settlement agreement between Ripple and the SEC, maintaining that XRP is not a security in most contexts. Ripple Labs has announced its intention to withdraw its cross appeal regarding the sale of XRP tokens, indicating that both Ripple and the SEC are expected to abandon their respective appeals. This move aims to expedite the conclusion of the lengthy legal battle, allowing Ripple to refocus on its primary mission of building the “Internet of Value.”

In legislative developments, the GENIUS Act, which stands for Guiding and Establishing National Innovation for US Stablecoins, was passed by the Senate on June 17, 2025, with a bipartisan vote. This legislation seeks to create a regulatory framework for stablecoins that mandates issuers to maintain equivalent reserves and comply with specific operational standards. The bill is now awaiting consideration in the House of Representatives, further indicating a significant shift in the regulatory approach to digital assets in the U.S. The passage of the GENIUS Act could be particularly beneficial for Ripple, especially for its RLUSD stablecoin, as it seeks to establish a clear regulatory environment for stablecoins.

XRP holders are closely watching these developments, as the outcome of the hearing and the legislative process could have significant implications for the future of Ripple and the broader cryptocurrency market. The hearing provides an opportunity for industry leaders to engage with lawmakers and advocate for a regulatory framework that supports innovation while protecting investors. The collective efforts of industry executives and lawmakers could pave the way for a new era of digital asset markets, fostering growth and innovation in the sector.