“Progress Over Perfection”...Ripple CEO Urges Passage of Market Structure Bill

▲ US, Cryptocurrency Regulation/AI Generated Image

Brad Garlinghouse, CEO of Ripple, has taken comprehensive steps to resolve regulatory uncertainty in virtual assets, urging the swift passage of the US cryptocurrency market structure bill.

According to U.Today, a cryptocurrency specialized media outlet, on April 10 (local time), Brad Garlinghouse, CEO of Ripple, expressed full support for US Treasury Secretary Scott Bessent's call for the bill's passage via X (formerly Twitter). Garlinghouse emphasized that progress is more important than perfection, lending weight to Secretary Bessent's legislative drive. He predicts that institutional capital inflow will accelerate once the last hurdle of regulatory uncertainty is removed.

Secretary Bessent recently strongly urged Congress to establish clear federal standards for digital assets. Bessent warned that ambiguous regulations are encouraging the outflow of virtual asset development and investment overseas. In particular, he put forward an analysis that the price volatility of Bitcoin (BTC) in February was closely related to the legislative deadlock, emphasizing the urgency of establishing institutional frameworks.

The US Cryptocurrency Market Structure Bill (CLARITY) aims to establish regulatory jurisdiction by clearly classifying virtual assets as commodities and securities. If the bill passes, most of the supervisory authority over virtual assets is expected to be transferred to the CFTC. This is expected to end the jurisdictional disputes with the SEC and provide a predictable regulatory environment for the market.

Currently, CLARITY has passed the House of Representatives but is stalled in the Senate due to disagreements over stablecoin yield compensation. Garlinghouse had previously estimated an 80% chance of the bill passing by April. Garlinghouse stressed that a complete regulatory framework is essential for the US virtual asset industry to maintain global competitiveness and urged Congress to make a decision.

Ripple is betting its success on the passage of this bill, believing that the success of the virtual asset ecosystem is directly linked to its own growth. This is because federal legislation is essential to solidify XRP's legal status and accelerate institutional adoption. The market is paying attention to whether this alliance between Bessent and Garlinghouse will be a new driving force in the legislative process.

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