Ripple CEO Brad Garlinghouse recently spoke at a U.S. Senate hearing about crypto regulations. Along with other industry leaders, he talked to lawmakers about the need for clear rules for the crypto market. While there weren’t any big announcements or decisions made during the hearing, Garlinghouse said it was a positive step to educate Congress about how crypto works and why fair regulations are important.
During his speech, Garlinghouse explained how Ripple uses blockchain technology and its token, XRP, to help banks and businesses send money quickly and cheaply across borders. He shared that Ripple works closely with regulators and has over 900 employees in 15 offices around the world.
Garlinghouse also spoke about the struggles Ripple faced during its long legal battle with the U.S. SEC, which ended in 2023 when a court ruled in Ripple’s favor. He warned that unclear rules have pushed crypto companies and jobs out of the U.S. and requested lawmakers to fix this before it’s too late.
“For the past decade, legal and regulatory uncertainty around crypto in the U.S. has blocked meaningful progress. At Ripple, we saw firsthand how unclear rules can be weaponized to target good actors. This drives technology, jobs, and tax dollars offshore, reducing oversight and increasing risks for consumers. It’s harmed American businesses, investors, and consumers alike,” he said.
He further added, “Thankfully, after four years of legal battle, we prevailed. The court ruled in our favor on everything that mattered, including confirming that XRP is not, in itself, a security. Our victory cleared the path for others in the market to fight back.”
In a post on social media after the hearing, Garlinghouse thanked the Senate Banking Committee and said it was encouraging to see that every senator agreed crypto is here to stay and deserves proper guidelines. He added that while it’s a small step, it gives him hope that the U.S. can still catch up and lead the crypto world with smart, fair laws.
Ripple CEO Brad Garlinghouse spoke to the Senate Banking Committee to advocate for clear, fair cryptocurrency regulations in the U.S., emphasizing the need for a robust market framework and U.S. leadership in blockchain innovation.
Ripple uses blockchain technology and its token, XRP, to help banks and businesses conduct fast, low-cost cross-border payments, aiming to reduce friction and increase efficiencies in international money transfers.
Garlinghouse expressed optimism, thanking the Senate Banking Committee and noting that senators agreed crypto is here to stay and deserves proper guidelines, giving him hope for U.S. leadership in the crypto world.
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