Ripple CEO Brad Garlinghouse expressed his hope that in 2023, US regulators will achieve regulatory clarity on the regulation of cryptocurrencies.
In a series of tweets, Brad Garlinghouse wrote that lawmakers’ previous efforts to develop regulation of digital assets had stalled. In his opinion, the problem lies in the fact that the US is not starting this work from scratch, referring to such bills as the Securities Transparency Act, the Responsible Financial Innovation Act and the Digital Token Transparency Act.
The head of Ripple explained that no bill is perfect, and probably there will never be such a law that could take into account the interests of all people. Therefore, the government’s efforts to develop an ideal and comprehensive bill should not hamper the efforts of Congress to create regulations for cryptocurrencies. On January 3, the first working day of the 118th Congress began, so Garlinghouse has some optimism that some kind of standards will be created for the crypto asset industry this year.
He also noted that US legislation in terms of cryptocurrencies lags behind Singapore, Brazil, Japan, the UK and the entire European Union. The reluctance of regulators to join forces to implement the regulatory framework for cryptocurrencies both in the US and internationally is pushing companies to countries with lower regulatory standards. Often this leads to unfortunate events, such as the collapse of the FTX exchange.
Recently, the CEO of Ripple called on regulators to expedite the creation of regulatory rules for cryptocurrencies in order to create conditions under which the activities of fraudulent crypto firms will be impossible.