Brad Garlinghouse, the CEO of Ripple XRP/USD, is cautiously optimistic that the U.S. could gain “breakthrough” regulatory clarity for the cryptocurrency industry in 2023.
What Happened: On the first day of the 118th Congress, Garlinghouse shared his vision for 2023 to be the year when the US obtains regulatory clarity for crypto and adds support for its regulation with a bipartisan and bicameral approach.
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Garlinghouse suggested that US regulations in the crypto sector were not starting from scratch, pointing to the Securities Clarity Act, the Responsible Financial Innovation Act (RFIA), and the Clarity for Digital Tokens Act as evidence. He emphasized “the stakes couldn’t be higher” when it comes to crypto rules, indicating that any effort to try to craft an ideal bill should not be allowed to impede the progress of Congress’ legislation.
This comes as apex crypto Bitcoin BTC/USD was trading at $16,717, up 0.19% in the last 24 hours.
Garlinghouse argued that, due to the absence of effective global and domestic regulatory measures, firms are driven to nations with weaker regulations, which in certain cases can have disastrous consequences – such as FTX, which is headquartered in the Bahamas.
Price Action: At the time of writing, XRP was trading at $0.34, up 0.59% in the past 24 hours, according to Benzinga Pro.