Ripple CEO: "XRP, regulatory uncertainty already over"

▲ Brad Garlinghouse, Ripple, XRP, Cryptocurrency regulation, Virtual assets/ChatGPT generated image

Regarding the controversy over regulatory uncertainty surrounding XRP, Brad Garlinghouse, CEO of Ripple, stated, “XRP has already secured clarity.” He emphasized that XRP would not have any issues regardless of whether the U.S. cryptocurrency market structure bill passes.

CoinGape reported on May 9 that Garlinghouse made these remarks in an interview with Crypto in America, referring to Judge Analisa Torres’s ruling during the U.S. Securities and Exchange Commission (SEC) lawsuit. Judge Torres ruled in that lawsuit that XRP is not a security. Garlinghouse said that Ripple fought a painful battle for five years to gain regulatory clarity for XRP.

Garlinghouse explained that Ripple’s support for the U.S. cryptocurrency market structure bill is not solely because of XRP. He believes that XRP is in a good position even without the bill, as it has already secured clarity. However, he stated that Ripple supports the bill’s passage because it would benefit the entire cryptocurrency industry.

The U.S. cryptocurrency market structure bill aims to provide regulatory standards by clearly classifying crypto assets as commodities and securities. CoinGape reported that the SEC and the U.S. Commodity Futures Trading Commission (CFTC) have already provided some clarity by classifying major crypto assets as commodities through token taxonomy guidelines.

Garlinghouse also commented on Cardano founder Charles Hoskinson’s criticism of his and Ripple’s support for the bill. He said he chose to ignore those remarks. Garlinghouse explained that Ripple is pushing for the bill’s passage not just for XRP, but because the U.S. needs to actively embrace the cryptocurrency industry and maintain its competitiveness.

He expressed optimism about the possibility of the U.S. cryptocurrency market structure bill passing. According to CoinGape, the Senate Banking Committee is scheduled to hold a markup vote on May 14 to advance the bill out of the committee. The bill faces a tight schedule before the Senate enters a five-week recess in August.

Garlinghouse also stated that SEC guidelines alone are not sufficient. He mentioned that in conversations with financial industry executives, he heard concerns that these guidelines could change after former SEC Chairman Paul Atkins steps down. He emphasized that the U.S. cryptocurrency market structure bill is necessary for the U.S. not to fall behind other countries in the crypto competition. Despite that, he said, “XRP will be fine” regardless of the outcome.

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