Brad Garlinghouse, CEO and co-founder of Ripple, has provided an explanation for why he anticipates a breakthrough in the cryptocurrency industry in 2023. First of all, Garlinghouse acknowledges that the crypto sector is not starting from scratch. There has been support for regulation from several leaders.
There have been a variety of laws introduced in the past that attempt to address various aspects of the cryptocurrency industry, such as stablecoins and CEXs like RFIA and DCEA, better definitions of what makes a crypto security, safe harbors for the assets, and so on.
There is no such thing as a flawless bill, and it’s unlikely there ever will be one that wins over everyone. Although perfection shouldn’t be the enemy of progress, Garlinghouse argues that these recommendations are more than just a jumping off point for discussion in the 118th Congress, when the stakes have never been greater.
The CEO of Ripple said that the United Kingdom is years ahead of the United States in terms of crypto frameworks, joining Singapore, the European Union, Brazil, and Japan. However, due to a lack of internationally harmonized standards, businesses are increasingly looking outside to places with less stringent regulations, sometimes to disastrous effect, for instance FTX and Terra.
Though challenging, Garlinghouse is optimistic that the motivation to make changes already exists. The foundations for regulation have been laid, and the cryptocurrency industry has an opportunity to do this right for the millions of Americans who are interested in cryptocurrency and will continue to be.
He finished off by saying:
“The 118th Congress has a historic opportunity before it to ensure the US remains an innovation leader for decades to come. We hope it’s one they take.”
