Ripple CEO Brad Garlinghouse, in his assessment of the cryptocurrency market structure bill being discussed before the US Senate Banking Committee, argued that regulatory clarity is vital for the industry.
Garlinghouse said, “Is it perfect? No, absolutely not. But is it better than nothing? Absolutely,” adding that despite its shortcomings, the bill represented progress.
Garlinghouse stated that the crypto sector has long faced uncertainty, adding that clear rules are always better than chaos. Based on his experience, he said that while the market structure bill on the Banking Committee’s agenda is far from ideal, it offers room for improvement, and that constructive cooperation with Washington should continue. According to Garlinghouse, the text currently before the committee can be iterated upon to create better regulation, and there should be no backtracking at this point. He added, “We are very close,” indicating that the process is at a critical stage.
A long-awaited bill aimed at creating a comprehensive regulatory framework for crypto assets, scheduled for Thursday, was postponed at the last minute. The postponement came just hours after Brian Armstrong announced that his company, Coinbase, would not support the bill, increasing uncertainty about its future.
*This is not investment advice.