- Ripple CEO Brad Garlinghouse remains uncertain about the possibility of major crypto regulations being enacted in the United States before the upcoming presidential election in November.
- Despite some changes in rhetoric from the Biden Administration regarding cryptocurrency, substantial regulatory changes are not expected until sometime in 2025.
- Garlinghouse mentioned in an interview with CNBC, “While legislative advancements have been significant, passing comprehensive legislation likely requires waiting until after the election, potentially before the year’s end or in the first half of next year.”
Ripple CEO Brad Garlinghouse expresses doubt over US crypto legislation passing before the presidential election, despite legislative progress and altered rhetoric from the Biden Administration.
Current Status of US Crypto Legislation
In his latest interview with CNBC, Ripple CEO Brad Garlinghouse conveyed his skepticism about the passage of substantial crypto legislation in the United States before the upcoming presidential election in November. He acknowledged the Biden Administration’s softened stance on cryptocurrency but pointed out that the timeline for meaningful regulatory advancements extends into 2025.
Challenges of Legislative Progress
Garlinghouse highlighted the slow and deliberate nature of the legislative process, despite recent progress. He emphasized that even though the past few weeks have been pivotal for the evolution of US crypto regulation, it is more realistic to expect legislative changes after the election. “We have seen notable progress, especially over the last few weeks, but enacting comprehensive legislation may take until the first half of next year,” Garlinghouse noted.
Recent Developments in US Crypto Policy
Recent actions by President Joe Biden include a veto of a prominent piece of crypto legislation that had successfully passed both the House and Senate. The proposed bill aimed to counteract guidance from the US Securities and Exchange Commission (SEC) that mandated certain companies to classify crypto assets as liabilities on their balance sheets, even when held on behalf of customers. This legislation received bipartisan support, passing the House with a vote of 228 to 182 and the Senate with a vote of 60 to 38.
Political Dynamics and Future Outlook
The bipartisan backing of the legislation, with votes from both Republicans and Democrats, underscores the growing interest and concern regarding crypto regulation. Although significant, the political landscape also suggests that the comprehensive legislative process will continue to face delays, particularly in the face of an upcoming presidential election. As the political atmosphere evolves, stakeholders within the crypto industry remain cautiously optimistic about the future trajectory of US crypto regulations.
Conclusion
In summary, despite notable progress, the passage of comprehensive crypto legislation in the US is unlikely before the presidential election. Ripple CEO Brad Garlinghouse remains cautiously optimistic, highlighting both the advancements made and the challenges that remain. As political dynamics unfold, the industry is poised for potential regulatory changes that may shape the future of cryptocurrency in the United States.
