US Crypto Regulation: Ripple CEO Predicts Shift in Congress
Ripple CEO Brad Garlinghouse believes that there will be a change in the US regarding cryptocurrency regulation. He stated that new administrations will bring about this shift and eventually, Congress will be “called to act.” However, at present, Congress is slow in developing legislation to clarify the status of crypto.
Garlinghouse also discussed Ripple’s legal battle with the SEC, revealing that the company has spent over $100 million in legal fees. Despite this, he remains optimistic about a victory and criticized the government for continuing to fight a lost battle.
In his recent testimony to the Senate Banking Committee, SEC chair Gary Gensler blamed the crypto industry’s difficulties on non-compliance with securities laws. This statement has faced backlash from senators who argue that Gensler’s rule proposals lack the backing of Congress.
XRP Price Outlook
XRP has experienced a decline in value since its partial victory against the SEC. It has fallen back to $0.47, erasing all gains made after the court ruling. Following the victory, XRP briefly spiked to $0.85 but has since stabilized at $0.475.
The altcoin market downturn has resulted in XRP losing 11% over the past two weeks. Furthermore, it remains significantly below its peak value of $3.40 in January 2018, currently down by 86%.
Hot Take: Ripple CEO Anticipates Regulatory Changes in US Crypto Landscape
Ripple CEO Brad Garlinghouse predicts that there will be changes in cryptocurrency regulation within the United States as new administrations come into power. He believes that Congress will eventually be compelled to take action on this matter. However, progress in developing legislation has been sluggish so far. Despite the legal battle between Ripple and the SEC, Garlinghouse remains hopeful for a victory and criticizes the government for wasting resources on a lost cause. On the other hand, SEC chair Gary Gensler blames non-compliance with securities laws for the challenges faced by the crypto industry. This has led to criticism from senators who argue that Gensler’s rule proposals lack congressional support. As for XRP’s price outlook, it has declined significantly since its partial victory against the SEC, erasing previous gains. The altcoin market downturn has also contributed to its recent losses.
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