Ripple CEO Brad Garlinghouse is hoping that the year 2023 will witness a “breakthrough” in regulatory clarity for the cryptocurrency industry in the US.
Sharing his thoughts on the onset of the 118th Congress, Garlinghouse in the Tweet thread stated he’s “cautiously optimistic” as support for regulation is “bipartisan & bicameral.”
He cited the names of leading politicians who have publicly supported blockchain and recognized the need for clarity.
Garlinghouse believes although no bill is perfect or can satiate everyone, he, however, acknowledged the significance of earlier bills that have attempted to address the issues surrounding the digital asset industry.
According to the Ripple CEO, these proposals have provided more than a starting point for debate in this new Congress.
Next, he pointed out how the U.S. is languishing behind Singapore, the European Union, Brazil, and Japan when it comes to crypto legislation and regulations.
He asserted that the absence of a concerted effort to establish a regulatory framework both internationally and in the United States “continues to push business to countries [with] lower regulatory bars,” with “sometimes catastrophic results,” such as the collapse of FTX, which has its headquarters in the Bahamas.
Besides being known as a fintech powerhouse, Garlinghouse’s Ripple also manages the global payment network RippleNet and the XRP cryptocurrency.
Meanwhile, the crypto community is anticipating a positive verdict in the Securities and Exchange Commission [SEC] v. Ripple lawsuit, which has entered its third year.
Ripple v. SEC. is one of the most closely watched cases in the cryptocurrency industry. In essence, the SEC claimed that Ripple raised more than $1.3 billion by selling unregistered securities in the form of XRP currency.
Ripple Community In Favor Of A Settlement
Since both parties have delivered their closing arguments, the community is presently anticipating the day of the verdict. A survey on possible case outcomes was conducted by pro-XRP lawyer John Deaton prior to the verdict.
In a poll taken on December 28 and receiving close to 18,000 responses, 59.2% of participants thought the dispute would be resolved amicably, while 40.8% preferred a jury verdict.
Deaton, however, voted in favor of the minority opinion, suggesting that the trial will continue.
Uncertainty exists regarding when the lawsuit will be resolved. If the Ripple v. SEC litigation does not achieve an out-of-court settlement by March 31, according to lawyer James K. Filan, who has been following the case, a ruling will be made.