US Edges Closer to Clear Crypto Rules
Ripple's 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 10 years.
The statement comes after the inaugural meeting of the Commodity Futures Trading Commission's Innovation Advisory Committee in Washington on August 20. The committee brought together executives from crypto and traditional finance to advise the agency on various issues pertaining to tech, law, and policy.
Garlinghouse recalled that Ripple sent an open letter to Congress in July 2019, stating that digital assets should be regulated according to their peculiarities. He emphasized that regulatory clarity is crucial for innovation and job creation.
The US has made significant progress in embracing regulatory clarity, with the Securities and Exchange Commission and CFTC jointly clarifying how federal securities and commodities laws apply to various crypto assets. The SEC also created a token taxonomy framework, while the CFTC has positioned its Innovation Advisory Committee, which Garlinghouse is a part of.