Garlinghouse: US Crypto Regulatory Clarity Within Reach Amid Shift in Washington's Approach

Ripple CEO Brad Garlinghouse believes that regulatory clarity for cryptocurrencies in the US is within reach. Speaking after attending the inaugural meeting of the CFTC Innovation Advisory Committee, he noted that there has been a significant shift in Washington's approach to cryptocurrency over the past decade.

The committee, chaired by CFTC Chairman Michael Selig, includes executives from the cryptocurrency industry and traditional finance who advise on technology, legal, and policy issues. Garlinghouse stated that all participants shared a common view: existing rules are insufficient for consumers, businesses, or innovation. He highlighted that the US regulatory system is moving away from applying existing financial rules as-is to setting standards suited to digital assets' unique characteristics.

Garlinghouse emphasized that Ripple has consistently called for regulatory clarity and cited their open letter to Congress in July 2019. The letter argued that digital assets should be regulated according to their unique characteristics, rather than being subject to outdated laws. Recent moves by US regulators, such as the joint clarification on federal securities and commodities laws by the SEC and CFTC, also align with this argument.