Ripple CEO Brad Garlinghouse has weighed in on the cryptocurrency market structure bill currently under discussion by the US Senate Banking Committee, asserting that regulatory clarity is of paramount importance for the industry's growth and stability.
Garlinghouse commented on the bill, stating, "Is it perfect? No, absolutely not. But is it better than nothing? Absolutely." He further elaborated that despite its inherent imperfections, the bill signifies a step forward for the sector.
He highlighted the prolonged period of uncertainty that the cryptocurrency sector has endured, emphasizing that well-defined rules are always preferable to a state of regulatory ambiguity. Drawing from his experience, Garlinghouse acknowledged that while the market structure bill on the Banking Committee's agenda is not ideal, it provides a foundation for future improvements. He stressed the importance of continued constructive engagement with policymakers in Washington.
According to Garlinghouse, the current text under consideration by the committee offers ample opportunity for iteration and refinement to achieve more effective regulation. He firmly believes that there should be no inclination to backtrack at this juncture, noting, "We are very close," indicating the critical stage of the ongoing process.
Regulatory Bill Faces Setback
A highly anticipated bill designed to establish a comprehensive regulatory framework for crypto assets, which was slated for discussion on Thursday, was unexpectedly postponed at the eleventh hour. This postponement occurred just hours after Brian Armstrong, CEO of Coinbase, announced that his company would not lend its support to the bill, thereby amplifying the existing uncertainty surrounding its prospects.