Ripple CEO: US Has Never Been Closer to Clear Crypto Rules

Ripple CEO Brad Garlinghouse believes the United States is closer than ever to establishing clear rules for crypto, according to his latest social media post.

Garlinghouse argues that Washington’s approach to crypto has changed dramatically over the past 10 years.

This assessment was made after the inaugural meeting of the Commodity Futures Trading Commission’s Innovation Advisory Committee in Washington on Aug. 20. As reported by U.Today, the committee, which was chaired by CFTC Chairman Michael Selig, brought together executives from crypto and traditional finance to advise the agency on various issues pertaining to tech, law, and policy.

"Everyone was in agreement. Rules written for a different era aren’t good enough. Not for consumers. Not for business. Not for innovation," Garlinghouse said in a post on X.

Ripple's push for legal clarity 

Garlinghouse recalled that Ripple sent an open letter to Congress in July 2019.

In that letter, Garlinghouse and Ripple co-founder Chris Larsen stated that digital assets should be regulated according to their peculiarities. The absence of clarity could negatively affect innovation and job creation.

Now, the US is finally embracing regulatory clarity. In March, for instance, the Securities and Exchange Commission and CFTC jointly clarified how federal securities and commodities laws apply to various crypto assets. The SEC also created a token taxonomy framework.