Ripple CEO Advocates For Clear Crypto Regulation Ahead of 2024 Election

Ripple CEO Brad Garlinghouse has called on U.S. regulatory authorities to provide clear cryptocurrency regulations. He urged U.S. regulators to collaborate with other growing economies to help develop rules to govern the country’s cryptocurrency sector.

Ripple CEO Pushes for Clear Crypto Regulations

Garlinghouse’s appeal is critical as U.S. lawmakers face pressure to update and clarify cryptocurrency regulations. House of Representatives leaders overturned the current rules, with members voting against them. This political shift highlights the growing importance of cryptocurrency in the U.S. political landscape.

Supporting Garlinghouse, Stuart Alderoty, Ripple’s Chief Legal Officer, stated that crypto has become a major pivotal issue in the 2024 elections. Alderoty added that Ripple will continue to support the policies and policymakers that move the U.S. forward. Moreover, Ripple CLO stressed that the U.S. must catch up to other major global centers that have committed to precise rules of the road for the industry.

Presidential candidate Donald Trump has voiced support for cryptocurrency. The ex-president, aiming for a return to office, has promised to make the U.S. the leading cryptocurrency hub. His stance has added a new dimension to the ongoing debate about the future of digital assets in America.

Senator Cynthia Lummis has reiterated the growing support for crypto assets in Congress following recent industry victories. The pro-crypto legislator wrote that a pro-industry coalition is forming in Congress. This statement underscores the increasing acceptance and backing of cryptocurrency among U.S. lawmakers.

Ripple has also shown its support for the upcoming elections. A recent report revealed that the company had contributed $25 million to Fairshake. This investment represents a commitment to the progress and adoption of crypto and blockchain technologies. It also sends a clear message to politicians with outdated views that their failed policies will not be tolerated.

Republican Crypto Bill Gains Election Spotlight

The Financial Innovation and Technology for the 21st Century Act (FIT21) aims to provide regulatory clarity for digital assets and protect consumers. The Republican-favored crypto bill has become a significant topic of discussion amid this year’s upcoming election. The bill seeks to clarify the treatment of digital assets sold under an investment contract.

“A digital asset sold or transferred or intended to be sold or transferred pursuant to an investment contract is not and does not become a security due to being sold or otherwise transferred under that investment contract,” the bill reads. This provision is designed to offer a clear framework for classifying and regulating digital assets.

The House Committee on Agriculture has criticized SEC Chair Gary Gensler and the SEC for their political stance on cryptocurrency regulation. The Committee highlighted that the XRP decision in July 2023 was a pivotal development in creating a regulatory framework. This decision has sparked ongoing discussions about the role of the SEC and the need for clear guidelines in the cryptocurrency industry.

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