Ripple CEO Brad Garlinghouse has emphasized the urgent need for clear cryptocurrency regulations in the U.S., advocating for cooperation with other major economies to frame these rules.
As the 2024 election approaches, Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted that cryptocurrency regulation is becoming a critical issue in the political landscape.
Ripple Leadership Advocates for Updated U.S. Crypto Regulations
As the U.S. political climate heats up with discussions on cryptocurrency regulation, Ripple CEO Brad Garlinghouse is pressing for clearer guidelines.
Recently, U.S. lawmakers have faced increasing pressure to revise the existing cryptocurrency rules, leading to significant political movements, including the House of Representatives voting against the current regulations.
Adding to this momentum, Ripple’s Chief Legal Officer, Stuart Alderoty, emphasized the centrality of cryptocurrency in the upcoming 2024 elections. He affirmed Ripple’s commitment to supporting policies and policymakers that advance the U.S.’s stance in the global crypto market.
Alderoty also stressed the necessity for the U.S. to align with other major global financial centers that have established clear regulatory frameworks for the cryptocurrency industry.
The conversation around cryptocurrency has further been amplified by former President Donald Trump, who, in his bid to return to office, has promised to position the U.S. as a leading cryptocurrency hub.
Similarly, Senator Cynthia Lummis has highlighted the growing pro-crypto sentiment in Congress, signifying a burgeoning coalition that supports the crypto industry. These developments mark a significant period of potential regulatory evolution for digital assets in the U.S.
Ripple Invests in Crypto Advocacy Ahead of Elections
For the upcoming elections, Ripple has demonstrated its commitment to the advancement of cryptocurrency and blockchain technologies by contributing $25 million to Fairshake.
This significant investment not only supports the growth and adoption of these technologies but also sends a resolute message to politicians. It underscores Ripple’s position against outdated policies and emphasizes the need for modern regulatory approaches that embrace the potential of digital assets.
Republican Crypto Bill Seeks to Shape Digital Asset Regulation Ahead of Elections
The Financial Innovation and Technology for the 21st Century Act (FIT21), supported predominantly by Republicans, is gaining traction as a critical point of discussion in this year’s elections.
The bill is designed to provide clear regulatory guidance for digital assets and enhance consumer protection. It specifically aims to address the legal treatment of digital assets involved in investment contracts by establishing a framework that does not automatically classify these assets as securities just because they are sold under such contracts.
Further intensifying the debate, the House Committee on Agriculture has openly criticized SEC Chair Gary Gensler and the SEC’s approach to cryptocurrency regulation.
The committee pointed to the SEC’s decision on XRP in July 2023 as a key moment in shaping regulatory perspectives, sparking extensive discussions about the SEC’s role and the urgent need for transparent guidelines in the rapidly evolving cryptocurrency sector.
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