US Closer Than Ever to Clear Crypto Rules, Says Ripple CEO

Ripple CEO Brad Garlinghouse believes that the United States is closer than ever to establishing clear rules for crypto. In his latest social media post, he argued that Washington's approach to crypto has changed dramatically over the past decade.

The CFTC's Innovation Advisory Committee held its inaugural meeting in August, where executives from crypto and traditional finance came together to advise the agency on various issues. Garlinghouse stated that everyone was in agreement: rules written for a different era aren't good enough for consumers, businesses, or innovation.

Ripple has been pushing for regulatory clarity, and Garlinghouse recalled their 2019 open letter to Congress, where they advocated for digital assets to be regulated according to their unique characteristics. He noted that the absence of clarity could negatively impact innovation and job creation.

The US is finally embracing regulatory clarity, with joint clarifications from the SEC and CFTC on how federal securities and commodities laws apply to various crypto assets. The SEC also created a token taxonomy framework. Garlinghouse emphasized that Ripple has 75 licenses around the world, demonstrating their commitment to regulation.