Ripple CEO Brad Garlinghouse estimated an 80% chance that the Clarity Act, expected to bring legal clarity to the cryptocurrency sector in the US, will be signed by the end of April.
Garlinghouse conveyed the message that “progress should not come before excellence” in order to end the uncertainty in the sector.
Speaking at an event in New York, Garlinghouse stated that the Clarity Act was very close to approval by the Banking Committee, but the process stalled. “We were very close, it would have been a huge positive step, but it stopped,” Garlinghouse said, noting that some negative events in the sector had generated public outrage as if they represented the entire industry. Despite this, he argued that clarity is better than chaos, stating, “Even in its current form, the Clarity Act, while not perfect, is important in terms of making progress.”
Sharing Ripple’s own experiences, Garlinghouse recalled the challenging four-year process the company went through when it was sued by the SEC. “A federal judge ruled that XRP is not a security, and we have that clarity,” he said. However, noting that the overall crypto industry is still shrouded in uncertainty, the CEO stated that Ripple’s fate is linked to the industry’s fate. Therefore, he added, they have worked hard to get the Clarity Act passed.
*This is not investment advice.