Ripple chief executive Brad Garlinghouse has tweeted that he was “cautiously optimistic” about a breakthrough in cryptocurrency regulations across the United States for 2023.
His tweet comes as the 118th Congress kicks off on Capitol Hill. Garlinghouse said in his tweet he hoped 2023 would see US lawmakers gain clarity on “bipartisan [and] bicameral” cryptocurrency regulations.
He said that the stakes “couldn’t be higher,” adding that no bill was perfect and “there likely never will be one that satisfies everyone.”
Garlinghouse continued that the US lagged behind crypto hubs such as the European Union, Brazil, Japan, and Singapore.
Continuing, he said that US lawmakers failed to create a joint effort to build a framework for regulations in the US and worldwide.
He said the lack of coordination “continues to push business to countries [with] lower regulatory bars [leading to] sometimes catastrophic results.”
The news comes after the US Securities and Exchange Commission (SEC) sued Ripple for allegedly selling its native token XRP as an unregulated security. The SEC accused Ripple of not registering its earnings on XRP as securities, according to its regulations. Ripple has strongly and vehemently denied the allegations.
