Ripple CEO expressed his optimism about cryptocurrency regulations in his social media post.
The lack of global regulatory standards is driving businesses to move to countries with lower barriers. However, sometimes a lack of rules results in disaster. We saw this in the relationship between FTX and the Bahamas. Whether 2023 will be a defining year for crypto regulation remains to be seen as regulators call to put pressure on crypto in light of the FTX collapse.
Ripple CEO Believes Regulatory Clarity Will Be Achieved
Ripple CEO Brad GarlinghouseHe is optimistic about the possibility of achieving regulatory clarity for cryptocurrency in the US by 2023, according to a Twitter post.
In his statement on the first day of the 118th Congress, Garlinghouse pointed to bills such as the Securities Clarity Act, the Cryptocurrency Facilitation Act for Investors and Digital Assets (RFIA), and the Netting for Digital Assets Act.
Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why…
— Brad Garlinghouse (@bgarlinghouse) January 3, 2023
While no bill so far has met everyone’s expectations, Garlinghouse believes this can be seen as an opportunity rather than a hindrance. These proposals can provide more than a starting point for discussions in Congress.
garlinghouseHe noted that other countries, such as Singapore, the EU, Brazil, and Japan, are creating crypto frameworks that are ahead of those in the US in terms of legislation and regulation.