Ripple’s CEO is moderately optimistic about transparent crypto regulations in 2023

Another victory for Ripple - Judge Torres rejects important SEC request in XRP case

Brad Garlinghouse took to Twitter on Tuesday, January 3, and laid out what he thinks the year that just began will look like. In his view, “regulatory clarity for cryptocurrencies,” should be a priority for those currently in power.

Moderate optimism about crypto regulation

On the occasion of the first day of the 118th Congress, Ripple CEO Brad Garlinghouse took to Twitter to share his observations, vis-à-vis potential regulation of the cryptocurrency market in the United States. He showed moderate optimism on this occasion, combined with hope for a breakthrough on the issue this year. 

In one of his first words, the Ripple CEO indicated that regulatory intentions are bipartisan and bicameral. Such an approach by those in power should provide an opportunity to both understand the issues and take concrete action. On this occasion, Garlinghouse referred to laws such as the Securities Clarity Act, the Responsible Financial Innovation Act and the Clarity for Digital Tokens Act. He considered them proof that the United States does not start building its regulatory framework for the cryptocurrency market with a so-called “blank slate.”

There are no perfect solutions, but many can be good ones

In further words, Garlinghouse points out that no law is perfect, and it will be difficult to satisfy all market players by doing so. In his own words:

“No bill is perfect and there will probably never be one that satisfies everyone. But perfection should not be the enemy of progress – these proposals are more than a starting point for debate in this new Congress. The stakes could not be higher.”

He also pointed out how the picture of current regulations in the United States compares to other regions of the world:

“Singapore, the EU, Brazil and Japan all have crypto frameworks, and the UK is well ahead of the US. However, the lack of coordinated standards around the world (or any in the US) continues to push business to countries with lower regulatory bars, with sometimes disastrous consequences (FTX).”

Lack of cryptocurrency regulation is a threat to the market

The last of the sentences quoted above bluntly indicates what a trouble the lack of regulatory transparency is. The example of the failed FTX exchange is proof of this. On the other hand, those who suffer the most from this are the users of these entities.

“Changing the status quo is never easy, but I believe the will to act is there. The building blocks of regulation are already in place, and we have a chance to do right by the millions of Americans who are already and will continue to be interested in cryptocurrencies,” Garlinghouse concluded.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news

Bitcoin

Bitcoin soars, an aftermath of new ETF news

The price of Bitcoin has soared to new heights, reaching $35,000. This phenomenon was accompanied by the dynamic development of the Bitcoin ETF space. The iShares spot…
All articles loaded
No more articles to load

Learn

block halving

What is block halving?

In this article, we will introduce you to the concept of block halving. To do this, you first need to…
51% attack

What is a 51% attack?

In this article, we will explain what a 51% attack is in the context of cryptocurrency. A distributed network =…
smart contracts

What are smart contracts?

Smart contracts are a type of electronic contract used not only in blockchain technology, but also in everyday life, for…
what are cryptocurrency nodes

What are cryptocurrency nodes?

Most cryptocurrencies operate on the principle of distributed transaction systems, running on a P2P, or peer-to-peer, network. In practice, this…
block explorer

What are block explorers?

In this article, we discuss a free online search engine that allows you to browse the contents of a blockchain…
All articles loaded
No more articles to load

Analyses

All articles loaded
No more articles to load

Latest news

Expert predicts Ripple IPO date

Wall Street financial expert Linda Jones has shared details of Ripple’s anticipated IPO date. Her analysis indicated potential dates, but the current market context and…

Poloniex ready to fully resume its operations

Poloniex, one of the leading cryptocurrency exchanges, has declared its imminent resumption of operations after a recent hacking incident that resulted in gigantic outflows of…
All articles loaded
No more articles to load