Ripple CEO: "Crypto Bill Frustration Due to Democrats Suppressing Policy"

▲ US Congress, XRP, Cryptocurrency Regulation/AI Generated Image

Ripple CEO Brad Garlinghouse blamed the Democratic Party for the failure of the US cryptocurrency market structure bill.

According to Coingape on September 16 (local time), Garlinghouse expressed strong regret on X (formerly Twitter) over the failure of the cloture vote to begin debate on the bill in the US Senate. The US Senate rejected the cloture motion with 49 votes in favor and 50 against in a vote on September 15. Garlinghouse called the Democratic Party "anti-crypto forces" and argued that politics took precedence over policy. Official records from the US Senate also confirm that the cloture motion was rejected by a vote of 49 to 50.

Garlinghouse stated, "A post-mortem analysis of this failure is needed," and "I will talk more about it in a few days." He added, "It's a painful outcome. Our team poured everything into passing the US cryptocurrency market structure bill, and so did most of the industry." He also expressed the view that the bill was an opportunity to establish the US as a global crypto hub and a leader in future finance.

Coingape reported that Democratic lawmakers opposed the cloture motion, citing insufficient ethics provisions. Democrats argued that existing provisions were inadequate to limit former US President Donald Trump's cryptocurrency-related interests. Garlinghouse's criticism is an assessment of the vote result and the Democratic Party's opposition, with Democratic lawmakers presenting public official ethics regulations as a key issue.

Despite the bill's failure, Garlinghouse believes that the overhaul of US cryptocurrency regulations will not stop. He stated that the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will continue to develop rules to fill the legislative void. He specifically mentioned that the SEC is pushing for a regulatory framework overhaul to support cryptocurrency companies' fundraising.

Garlinghouse maintained confidence in Ripple's business. He stated, "Ripple's business is stronger than ever," and that real demand continues in both traditional finance and the crypto ecosystem. He emphasized that a single failed vote would not change Ripple's business momentum, global network, or customer base.

[Article Key Summary]

-Ripple CEO Brad Garlinghouse blamed Democratic politics for the failure of the cloture vote on the US cryptocurrency market structure bill.

-The US Senate rejected the cloture motion to begin debate on the bill with 49 votes in favor and 50 against.

-Garlinghouse announced a follow-up analysis while maintaining confidence in the regulatory overhaul by the SEC and CFTC and Ripple's business.

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