Global watchdogs are still in pursuit of making strict and effective rules around the digital asset industry. The commissions have failed to provide regulatory clarity over crypto with its prior efforts. However, Brad Garlinghouse, Ripple CEO seems to be ‘cautiously optimistic’ to see a breakthrough in 2023.
Ripple CEO seeks clarity
Ripple CEO in a Twitter thread stated that it is the first day of the 118th Congress and there is a lot to achieve. However, support for regulation is bipartisan and bicameral. While he mentioned the names of some Congressmen who have supported blockchain and accepted the need for clarity.
He added that they are not working with a blank slate as prior presented bills have somehow tried to address everything. This includes stablecoins, CEXs, clear definitions of Digital asset security, the Clarity for Digital Tokens Act, and more.
Garlinghouse believes that no bill is perfect and it is difficult to satisfy everyone. However, in the pursuit of the perfect bill, progress shouldn’t be hindered. Ripple CEO stated that these proposals ignite a debate in Congress. The stakes now are higher than ever.
Ripple executive highlighted that countries like Singapore, the EU, Brazil, and Japan all have crypto frameworks. While the UK also stands ahead of the US. The authority is lacking coordinate global standards as of now, he added.
XRP lawsuit to provide clarity?
He urged that changing the status quo is not easy. However, in order to exist it is necessary to act now. This a chance to get this right for millions of crypto holders. These major statements have come amid the pending ruling in the crucial XRP lawsuit. It is expected the outcome of the lawsuit will provide clarity to the crypto market.
Coingape reported that the XRP lawyer has predicted that the Ripple lawsuit will not end in a settlement.
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