I am cautiously optimistic about regulatory clarity for the crypto industry in 2023, says Garlinghouse

• Ripple’s CEO says he is optimistic about regulatory clarity for the crypto industry this year.

• Garlinghouse said the support for crypto regulation in the United States is bipartisan.

• He added that no bill is perfect, but improvements can be made in the future.

Garlinghouse expects regulatory clarity for the crypto space in 2023

Brad Garlinghouse, the CEO of blockchain firm Ripple, revealed in a Twitter threat on Tuesday, that he is optimistic about regulatory clarity for the crypto industry in 2023. 

Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why…

— Brad Garlinghouse (@bgarlinghouse) January 3, 2023

To mark the first day of the 118th Congress, Garlinghouse said he is optimistic that there would regulatory clarity for the crypto space this year. According to the Ripple CEO, the support for regulation is bipartisan.

He added that the legislative arm of the government is not starting from scratch when it comes to crypto regulation. Garlinghouse said;

“We’re not working with a blank slate. Prior bills have tried to address everything from stablecoins and CEXs (RFIA and DCEA); clearer definitions of what constitutes a digital asset security (Securities Clarity Act); safe harbors (Clarity for Digital Tokens Act), and more.”
Garlinghouse pointed out that no bill is perfect, and that shouldn’t deter the regulators from coming up with a framework. He said;

“No bill is perfect, and there likely never will be one that satisfies everyone. But perfect shouldn’t be the enemy of progress – these proposals provide more than a starting point for debate in this new Congress. The stakes couldn’t be higher.”

The US is playing catch-up

Garlinghouse added that the stakes couldn’t be higher as the United States is playing catch-up to several countries in the world. He cited Singapore, the EU, Brazil, and Japan, as countries that are ahead of the US in terms of crypto framework.

This latest cryptocurrency news comes as Ripple and SEC continue their legal battle. The legal battle between the two entities began in late 2020 and is yet to be resolved. 

However, the legal battle hasn’t stopped Ripple from expanding its operations. In August, Ripple partnered with Travelex Bank to launch XRP-enabled enterprise payments in Brazil.