Ripple CEO Gives Senate Two Weeks to Pass Crypto Regulation Bill

Ripple CEO Brad Garlinghouse has given the US Senate two weeks to pass the Digital Asset Market Clarity Act, warning that the chances of its passage will sharply decrease if it's not advanced soon. The bill, which would create a federal framework for regulating digital assets, has stalled in the Senate Banking Committee over disagreements on how to treat stablecoin rewards programs.

The committee reached a compromise last week, but a coalition of banking groups has expressed concerns that it falls short. Garlinghouse acknowledged that the bill is imperfect but argued that it's better than the current lack of clarity and chaos in the industry.

Garlinghouse pointed to the approaching midterm election cycle as a reason for the urgency, noting that once campaigns intensify, there will be little political bandwidth left for complex legislation. He also predicted that the global stablecoin market will reach $3 trillion by 2031.