A Clear Legal Framework Could Help the US Become the Global Center for Digital Assets with a $3.4 Trillion Market.
Ripple CEO Brad Garlinghouse called on the US Congress to urgently enact comprehensive legislation for the cryptocurrency asset market, aiming to consolidate the United States' global leadership in digital assets. Speaking at a Senate Banking, Housing, and Urban Affairs Committee hearing last week, Garlinghouse emphasized that a robust legal framework would definitively position the US as a global center for blockchain innovation, while protecting consumers and rebuilding financial infrastructure.
According to the Ripple CEO, the current legal uncertainty has forced many innovations in the cryptocurrency asset field to move overseas, despite over 55 million Americans participating in the cryptocurrency economy and contributing to a $3.4 trillion market. He outlined key legislative priorities, including clearly defining regulatory authorities and ensuring businesses can innovate without compromising investor protection.
"The US has the world's deepest Capital markets, the most advanced technology engineering workforce, and an innovative spirit that has nurtured this nation since its founding," Garlinghouse stated. "There is no reason we cannot become the absolute leading nation in digital assets and blockchain technology."
Garlinghouse recalled the years-long legal battle with the US Securities and Exchange Commission (SEC), emphasizing the significance of the 2023 victorious ruling that determined XRP is not a security. Ripple, with nearly 900 personnel and 15 global offices, is built on a "compliance-first" model and uses the XRP Ledger – an open-source, decentralized blockchain – to operate a global payment system.
XRP, the native digital asset of this network, is designed to ensure fast transactions, low costs, and high scalability. Ripple's experience navigating the complex legal environment has made this CEO a weighty voice in calling for reform.
"On behalf of the entire cryptocurrency asset industry, I call on this Committee and the entire Senate to prioritize passing legislation structuring the digital asset market," Garlinghouse affirmed. He believes that once legislation on digital asset market structure is enacted, this will trigger a new competitive era for the US and effectively liberate financial transactions, bringing clear benefits to both consumers and businesses.
