• Ripple CEO Brad Garlinghouse is optimistic that 2023 will be the year we see a breakthrough in regulatory clarity for crypto in the US.
• Politicians in the 118th Congress, such as Patrick McHenry, Glenn “GT” Thompson, and Tom Emmer, are showing bipartisan and bicameral leadership.
• Garlinghouse proposes the Securities Clarity Act, Clarity for Digital Tokens Act, and other bills to help with the lack of coordinated global crypto regulation.
The crypto industry is on the brink of a major breakthrough – Ripple CEO Brad Garlinghouse is “cautiously optimistic” that 2023 will be the year we finally see a breakthrough in regulatory clarity for crypto in the US. With the start of the 118th Congress, the crypto industry is in for a major shakeup.
Garlinghouse has identified ten politicians that are known for their bipartisan and bicameral leadership, including Patrick McHenry, Representative for North Carolina’s 10th District; Glenn “GT” Thompson, Representative for Pennsylvania’s 15th Congressional District; and Tom Emmer, Congressman for Minnesota’s Sixth District.
Despite the progress that has been made over the past few years in terms of regulation, there is still a lack of coordinated global crypto regulation. To combat this, Garlinghouse has proposed the Securities Clarity Act, Clarity for Digital Tokens Act, and other bills. The Securities Clarity Act would help to define what constitutes a “digital asset security” and provide safe harbors for token issuers and investors. The Clarity for Digital Tokens Act is aimed at providing further clarity on how digital tokens should be regulated.
Garlinghouse acknowledges that no bill is perfect and that it is unlikely to satisfy everyone. However, he believes that these proposals provide more than a starting point for debate in the new Congress and that the stakes could not be higher.
The ripple effect of Garlinghouse’s positive sentiments has already been seen in the crypto markets, with XRP currently exhibiting a bullish trend and managing to maintain its upward momentum despite a dip below $0.30. To continue this positive trend, it is important for XRP to hold above its support at $0.35.
As the crypto industry and the US Congress prepare for a major shakeup in 2023, it is important to keep an eye on Garlinghouse’s proposed bills to help provide clarity on the regulation of digital tokens. With Garlinghouse’s optimism, it looks like the crypto industry is in for a major breakthrough in 2023.