Ripple CEO speaks before the crypto Week about the need for legal framework for the cryptoma market

Ripple CEO speaks before the crypto Week about the need for legal framework for the cryptoma market


  • Ripple CEO Brad Garlinghouse announced that he will speak to the US Senate banking committee on Wednesday.

  • Garlinghouse will emphasize the importance of adopting the draft law to regulate the market structure in the cryptos sector.

  • The development takes place in the run-up to the so-called “Crypto Week” of the US House of Representatives, which is scheduled for the week from July 14th.

Garlinghouse had already announced participation in the hearing on Monday – a few days before the start of the crypto Week. However, the message remained without a noticeable impact on the XRP course, which in the last 24 hours ahead by 0.7 %.

Ripple CEO Brad Garlinghouse talks about crypto regulation before the US Senate

On Wednesday there will be a hearing in the Banking Committee of the US Senate on the future of the digital asset market. The meeting entitled “From Wall Street to Web3: Building Tomorrow's Digital Asset Markets” brings leading representatives of the crypto industry-including Ripple-CEO Brad Garlinghouse, Summer Mersinger (CEO of the Blockchain Association), Jonathan Levin (CEO from Chainalysis) and Dan Robinson (General Partner at Paradigm).

On Monday, Garlinghouse confirmed in a post on X (formerly Twitter) that he would take part in the hearing. The ripple CEO will comment on the need for a legal framework for the market structure in the cryptosector.

“A constructive regulation of the crypto market structure in the United States is crucial to enable a new era of innovation and financial opportunities-with simultaneous consumer protection,” wrote Garlinghouse.

His appearance before the Senate takes place a few days before the start of the so -called Crypto Week in the House of Representatives – a term that was shaped by the chairman of the Finance Committee, Rep. French Hill, and other MPs. In the week from July 14th, three central legislative initiatives for crypto regulation are to be discussed: the Genius Stable Act, the Clarity Act on the Market Structure and the Anti-CBDC Surveillance State Act.

Garlinghouse will go into the importance of the Clarity Act, which is intended to regulate the entire crypto industry and eliminate many years of ambiguity about the status of digital assets. In addition, the draft law should clearly define the responsibilities of the US supervisory authorities-in particular the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

Ripple could benefit from progress in the House of Representatives because the company is trying to leave an almost five -year procedure with the SEC. After the change of leadership at the SEC by appointing Paul Atkins as the new chairman, both parties submitted a joint application to the procedural conclusion and the reduction of the civil law fine of $ 125 million, which was previously imposed by judge Analisa Torres at the US district court for the Southern District of New York.

However, judge Torres rejected the application and stated that the parties were not authorized to remove a legally binding judgment in the context of a private agreement. She made it clear that both Ripple and the SEC had the right to withdraw or maintain their respective appeals. Ripple then withdrew his counter -advantage – a similar step of the SEC is considered likely.

At the time of publication, XRP is traded at $ 2.26-a decrease of 0.7 % within the last 24 hours.



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Jayd Johnson

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