Ripple CEO Brad Garlinghouse has expressed optimism that the United States will achieve “breakthrough” regulatory clarity for the cryptocurrency industry in 2023.
In a Twitter thread, Garlinghouse stated that support for regulation is “bipartisan & bicameral” and referenced various bills, including the Securities Clarity Act, the Responsible Financial Innovation Act, and the Clarity for Digital Tokens Act, as examples of progress towards regulation.
However, Garlinghouse also noted that the US lags behind countries such as Singapore, the European Union, Brazil, and Japan in terms of cryptocurrency legislation and regulation.
He suggested that the lack of a coordinated effort to implement a regulatory framework has resulted in some businesses moving to countries with lower regulatory standards, which has led to “sometimes catastrophic results” such as the failure of FTX.
Ripple is currently facing a lawsuit from the US Securities and Exchange Commission (SEC) over allegations that it sold its cryptocurrency XRP as an unregistered security. Garlinghouse has said he expects the case to be resolved in the first half of 2023.