Ripple CEO Brad Garlinghouse on Domestic Interest

Ripple CEO Brad Garlinghouse recently spoke with Fox Business, noting a shift in domestic interest towards cryptocurrency.

> “The United States is finally unlocked, and I think that people are underestimating how big that change is,” he stated. This comes after the U.S. Securities and Exchange Commission (SEC) dropped its appeal against Ripple.

New Regulatory Developments

The SEC, which previously had a hostile stance towards cryptocurrencies under former Chair Gary Gensler, is now embracing the industry. According to reports from U.Today, the new SEC leadership quickly rescinded the SAB 121 rule that complicated crypto custody for banking institutions. Garlinghouse mentioned that banks, once hesitant, are now ‘leaning in’ towards crypto involvement.

Catching Up with the Rest of the World

Additionally, the SEC has formed a task force aimed at developing clear regulations for cryptocurrency. Garlinghouse emphasized the significance of these developments for both Ripple and the wider industry, stating, “We will see the US finally start to catch up with the leadership we’re seeing from other markets around the world.” He also addressed the anticipated stablecoin bill, which is expected to be voted on within four to eight weeks.

XRP’s Legal Status

Garlinghouse recalled that XRP was deemed a non-security by a federal judge, a ruling contrary to the SEC’s prior arguments. He is optimistic that the upcoming market structure bill, which will clarify the legal status of various cryptocurrencies, will be passed within the next six months. According to Garlinghouse, regulatory clarity is essential for fostering innovation, job creation, and capital formation in the US.