Ripple's CEO said other countries are 'well ahead' of the US in terms of legal frameworks for crypto, signaling his cautious optimism that 2023 could be the year of 'breakthrough' regulatory clarity in the country.
Ripple's CEO, Brad Garlinghouse, shared in a Jan. 3 Twitter thread he's “cautiously optimistic” about the United States gaining"breakthrough" regulatory clarity for the cryptocurrency industry in 2023.
To mark the first day of the 118th Congress, Garlinghouse shared his hopes of 2023 being the year the U.S. gained regulatory clarity for crypto and added support for regulation is “bipartisan & bicameral.” Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will see a breakthrough. A thread on why…Garlinghouse said the U.S. was not starting with a “blank slate” for regulation, referencing bills such as the Securities Clarity Act, the Responsible Financial Innovation Act and the Clarity for Digital Tokens Act as examples.,"the stakes couldn’t be higher.
The U.S. is behind Singapore, the European Union , Brazil, and Japan when it comes to crypto legislation and regulations Garlinghouse opined. He claimed the lack of a coordinated effort to implement a regulatory framework both globally and in the U.S."continues to push business to countries [with] lower regulatory bars" resulting in"sometimes catastrophic results," citing the Bahamian-headquartered FTX as an example.
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