Speed up Stablecoin Regulation: Ripple CEO Urges U.S. Senators
CEO of Ripple Advocates for Defined Regulations on Stablecoins
Let's get real, folks! Ripple's CEO, Brad Garlinghouse, has taken to X-social media to put some pressure on U.S. senators. He's urging them to speed up the process and pass key stablecoin legislation.
Why's that so important? Well, Garlinghouse thinks the U.S. could reap significant benefits from this tech if they can get their act together and create some clear rules. The global stablecoin market is booming, and the States are missing out, according to Garlinghouse.
Now, if the Senate had listened to our man Garlinghouse, they might have passed the GENIUS Act already. But, unfortunately, it didn't pass a procedural hurdle last week, meaning it couldn't move on to a full vote. Senator Ruben Gallego claimed the Dems didn't have enough time to understand the proposed changes, and some Republicans, such as libertarian Rand Paul, voted against it.
But don't fret! There's a chance we'll see a new version of the bill next week.
In a statement, Treasury Secretary Scott Bessent stated that this bill presents a "once-in-a-generation opportunity" to expand the dominance of the U.S. dollar. Bessent warns that without clear rules, cryptocurrency innovation could move offshore.
Galaxy CEO Mike Novogratz emphasizes the importance of Senate action, stressing that it's not about politics—it's about the future of the crypto industry.
The stablecoin industry has been on a upswing lately, with Fidelity, a mutual fund giant, reportedly eyeing a venture into the sector. However, the lack of clear regulations remains a major stumbling block.
Stay tuned for updates on this story. #RippleNews #BradGarlinghouse
- Brad Garlinghouse, Ripple's CEO, has appealed to U.S. senators to accelerate the passage of key stablecoin legislation, due to the booming global market.
- Mike Novogratz, CEO of Galaxy, has reiterated the importance of Senate action, stating it's crucial for the crypto industry's future.
- Fidelity, a mutual fund giant, is rumored to be exploring a venture into the stablecoin sector, adding to the industry's growth.
- Treasury Secretary Scott Bessent highlights that the proposed bill presents a potential chance to strengthen the dominance of the U.S. dollar in the global finance and technology landscape, but cautioning that without clear rules, cryptocurrency innovation could migrate elsewhere.
