Ripple CEO calls for clearer regulations on cryptocurrency from the US Congress
Ripple Labs CEO Brad Garlinghouse has urged the US Congress to create clear and consistent guidelines for the cryptocurrency industry, as the company faces a lawsuit from the Securities and Exchange Commission (SEC) over its XRP token.
In a series of tweets on November 5, Garlinghouse said that the US was lagging behind other countries in providing regulatory clarity for crypto and that the lack of a coherent framework was hurting innovation and growth in the sector.
He cited a report by The Wall Street Journal that said federal agencies had asked Congress for more authority to regulate stablecoins, a type of cryptocurrency that is pegged to a fiat currency or another asset. Garlinghouse said that while stablecoins were an important part of the crypto ecosystem, they were not the only issue that needed attention.
He argued that Congress should consider passing bills that would provide clear definitions and rules for different types of crypto assets, such as the Securities Clarity Act, the Token Taxonomy Act, and the Digital Commodity Exchange Act. He said that these bills had bipartisan and bicameral support and that they would foster innovation and competition in the crypto space.
Garlinghouse also expressed his frustration with the SEC’s lawsuit against Ripple, which alleges that the company sold XRP as an unregistered security. He said that the SEC had failed to provide clear…
