Ripple CEO Garlinghouse Is ‘Cautiously Optimistic’ For 2023

Posted on January 4, 2023
News
By Mark Otto
169 Views

Ripple Labs CEO Brad Garlinghouse doesn’t often get to speak on Twitter, but when he does, he usually delivers a powerful message. Yesterday, Garlinghouse took to Twitter again to deliver a prediction for 2023. The Ripple CEO explained that yesterday was the first day of the 118th U.S. Congress, and while efforts to bring regulatory […][...]

The Ripple CEO explained that yesterday was the first day of the 118th U.S. Congress, and while efforts to bring regulatory clarity to crypto in the U.S. have stalled on and off in recent years, he expects that 2023 is the year “we will (finally!) see a breakthrough.”

Here’s Why Ripple CEO Says 2023 Could Be Different

Garlinghouse reasons that support for regulation is bipartisan and bicameral. Leaders have publicly supported blockchain technology and recognized the need for clarity.

Specifically, the Ripple CEO supports the policy pushes of Patrick McHenry (Republican), Glenn “GT” Thompson (Republican), Tom Emmer (Republican), Ritchie Torres (Democrat), Ro Khanna (Democrat), Sen. Debbie Stabenow (Democrat), John Boozman (Republican), Kirsten Gillibrand (Democrat), Sen. Cynthia Lummis (Republican), and Cory Booker (Democrat).

As the Ripple CEO says, the industry is no longer working with a blank sheet of paper. “Prior bills have tried to address everything from stablecoins and CEXs (RFIA and DCEA); clearer definitions of what constitutes a digital asset security (Securities Clarity Act); safe harbors (Clarity for Digital Tokens Act) and more,” Garlinghouse elaborated.

At the same time, he expressed that no bill is perfect and there will likely never be one that satisfies everyone. “But perfect shouldn’t be the enemy of progress.” According to him, the proposals offer a basis for discussion, and the “stakes couldn’t be higher.”

As in previous tweets and the court documents in the legal battle with the U.S. Securities and Exchange Commission, Garlinghouse points to other countries that he sees as leading the way for the crypto industry. “Singapore, the EU, Brazil, and Japan all have crypto frameworks – and the UK is well ahead of the US,” the Ripple CEO says.

He also warns of the danger of non-regulation in the U.S. The lack of coordinated standards globally or any in the U.S. continues to push businesses to countries with lower regulatory bars. “BG” cites the collapse of FTX as a bad example with a disastrous outcome.

Looking optimistically into the future, the Ripple CEO concludes his hope with the following words:

Changing the status quo is never easy but I believe that the will to act exists. The building blocks for regulation have already been introduced, […] The 118th Congress has a historic opportunity before it to ensure the US remains an innovation leader for decades to come. We hope it’s one they take.

At press time, XRP was down 0.8% in the last 24 hours and the price stood at $0.3473, facing major resistance at $0.3539