Crypto Regulation Takes Center Stage in Washington as XRP Surges

Ripple CEO Brad Garlinghouse hailed the inaugural meeting of the Commodity Futures Trading Commission's Innovation Advisory Committee as 'the Olympic roster of crypto'.

The committee brought together crypto executives and legacy market operators, including Nasdaq, the New York Stock Exchange, Cboe Global Markets, the Options Clearing Corporation, and the Depository Trust & Clearing Corporation.

Garlinghouse noted a heavy presence of traditional financial institutions in the room but expressed optimism about the committee's goal to create clear regulation for consumers, businesses, and innovation.

The CFTC panel convened amid a flurry of regulatory activity in Washington, which has driven a sharp rally in XRP. The token traded at $1.30, up more than 18% over a 24-hour period, with retail sentiment on Stocktwits registering in the 'extremely bullish' zone.

CFTC Acting Chairman Michael Selig confirmed that the commission would proceed with formal crypto market rules under existing authority if legislation stalls.