Ripple CEO Brad Garlinghouse: 2023 Is Our Year!

JAKARTA blockchain-based cross-border payment company, Ripple, is still facing a lawsuit by the US Securities and Exchange Commission (SEC). Ripple CEO Brad Garlinghouse is not sure when the feud will end.

However, Garlinghouse is optimistic about the clarity of crypto regulations that the US government will discuss in 2023. Therefore, he hopes that this year crypto regulations in the US will be clearer than ever. This is because it will benefit both parties, both the crypto industry and the government.

Today is the first day of the 118th Congress. While previous efforts on regulatory clarity for crypto in the US have stalled, I am carefully optimistic that 2023 is our year (finals!) will see a breakthrough... Brad Garlinghouse wrote in a Twitter post (@bgarlinghouse), January 3, 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

Furthermore, he believes that the US government is not drafting rules for empty writing boards', referring to a number of laws such as the Securities Clarity Act, the Financial Innovation Act that is Responsible, and Clearness for the Digital Token Act as an example.

Despite being optimistic, Garlinghouse outlined that the government's drafted crypto rules cannot be separated from deficiencies. According to him, there is no perfect bill and most likely there will never be a bill that satisfies everyone.

Launching Cointelegraph, in seeking a perfect bill, Congress should not hinder progress in creating crypto laws and regulations. Garlinghouse argues that in terms of crypto regulation, the US lags behind a number of other countries such as Singapore, Japan, Brazil and the European Union.

Furthermore, the Ripple CEO assessed that the lack of regulatory clarity for the crypto industry in the United States had prompted companies to leave the US. They choose a country that has loose rules on crypto. However, it is also inseparable from the potential for a disaster'' as experienced by FTX operating in the Bahamas.

Currently, Ripple is still at odds with the SEC in court. In mid-2020, Ripple plans to go public on a leading US stock exchange. However, in December 2020, the SEC filed a lawsuit against Ripple on charges of selling unregistered securities.

US regulators include XRP in the securities category. Ripple denied all SEC allegations and called XRP non-security. A number of leading companies provide their support for Ripple including Coinbase, I-Remits, TapJets, and so on. Until now, the Ripple vs SEC case has not found a bright spot.

At the time of writing, XRP is trading at IDR 5,445 per coin. On January 7, 2018, XRP broke its all-time high at the level of IDR 45,650. Five years since then, XRP has struggled to deal with negative sentiment from its competitors. The price of XRP fell 88.1 percent from ATH.