US Crypto Rules Near Decisive Test as Ripple Waits for Senate Vote

Ripple CEO Brad Garlinghouse says the US is closer than ever to establishing clear cryptocurrency rules, following a week of regulatory meetings in Washington.

The comments come after Garlinghouse attended the Commodity Futures Trading Commission's inaugural Innovation Advisory Committee meeting on August 20. The committee advises the CFTC on technology, finance, law and policy, but cannot enact legislation or independently issue regulations.

The SEC and CFTC jointly issued guidance in March establishing five categories of digital assets, including digital commodities, collectibles, tools, stablecoins, and securities. However, this is agency guidance rather than federal legislation.

Ripple's litigation with the SEC has ended with a $125 million penalty and an injunction covering future violations of securities registration requirements, but did not erase its penalties. The company is now looking to the Senate's consideration of the Digital Asset Market Clarity Act on September 15, which faces a 60-vote cloture vote.