US Crypto Regulation Finally Reaching the Finish Line... Ripple CEO: "70% Chance of Passing This Year"

▲ Brad Garlinghouse (Ripple), XRP, Cryptocurrency Regulation, Virtual Assets / ChatGPT Generated Image

Ripple CEO Brad Garlinghouse stated that discussions on US cryptocurrency regulation are approaching a critical turning point. The cryptocurrency industry, which has been demanding a clear regulatory framework for years, is now considered closest to the ‘finish line’ with the progress of the US market structure bill.

U.Today reported on May 14 (local time) that Garlinghouse presented an optimistic outlook on the progress of US crypto regulation at a Binance online event held on May 13. Garlinghouse participated in a panel discussion titled ‘An Era of Evolution’ alongside Binance co-CEO Richard Teng and Solana Foundation President Lily Liu.

Garlinghouse said the good news in the US is that the industry is closer to the finish line than ever before. He emphasized that a bill review process is scheduled before the Senate Banking Committee vote, and that discussions on cryptocurrency regulation have never progressed this far.

He explained that in January, he also believed that achieving regulatory clarity was very close, but there were initial setbacks when Coinbase raised some concerns and withdrew from the discussion table. However, he assessed that the industry has fought for this moment for years, resulting in significant progress.

Garlinghouse described the current situation as “very hopeful and frankly quite optimistic.” He mentioned that positive changes have occurred in the cryptocurrency industry since the current administration took office, and based on prediction market results, he put the probability of the bill passing this year at 70%.

According to reports, after months of negotiations, the Senate Banking, Housing, and Urban Affairs Committee unveiled a 309-page amendment to the US cryptocurrency market structure bill this week and scheduled a bill review process before the vote on May 14. The new text addresses issues that stalled the bill's progress in January, while also including significant changes that require careful consideration.

Polymarket reflected the probability of the bill passing by the end of the year at approximately 67-75%. This is a significant increase from less than 50% in mid-April, suggesting that despite remaining concerns, the renewed movement in bill discussions has changed market sentiment.

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