Ripple CEO Brad Garlinghouse warns next two weeks are critical for crypto legislation

Ripple CEO Brad Garlinghouse has warned that the upcoming two weeks are crucial for the passage of broader cryptocurrency legislation in the United States. He emphasized that if the Senate Banking Committee does not hold a markup session soon, the chances of a bill becoming law will "precipitously" drop, especially as the November midterm elections approach, which will divert lawmakers' attention. The industry is pushing for federal regulation to define jurisdiction between the SEC and CFTC. While the House passed its version, the Senate has faced hurdles, particularly regarding stablecoin rewards. A recent compromise may pave the way for a markup, but other issues like conflicts of interest and illicit finance remain. Garlinghouse highlighted that agency guidance, while helpful, lacks the permanency of codified law, which is essential to prevent regulatory shifts with new administrations. He also referenced the SEC's lawsuit against Ripple, noting that while a judge provided some clarity on XRP sales, industry-wide legislation like the Clarity Act is needed for other digital assets.

(Source：The Block)