Ripple CEO to speak on need for crypto market structure legislation ahead of Crypto Week
- Ripple CEO Brad Garlinghouse announced that he will be speaking before the Senate Banking Committee on Wednesday.
- Garlinghouse will speak on the importance of passing the crypto market structure legislation.
- The development comes ahead of the House's Crypto Week, scheduled for the week of July 14.
Ripple CEO Brad Garlinghouse announced on Monday that he will address the Senate Banking Committee on the need to pass the crypto market structure legislation ahead of the House's Crypto Week, scheduled for next week. The announcement failed to impact XRP's price, which is up by only 0.2% over the past 24 hours.
Ripple's Brad Garlinghouse to speak at Senate Committee meeting on crypto legislation
Lawmakers are set for a Committee hearing on Wednesday to discuss the future of the digital asset market. The hearing, titled 'From Wall Street to Web3: Building Tomorrow's Digital Asset Markets,' will bring together many crypto industry leaders, including Ripple CEO Brad Garlinghouse, Summer Mersinger, CEO of Blockchain Association, Jonathan Levin, CEO of Chainalysis and Dan Robinson, General Partner at Paradigm.
Garlinghouse confirmed via an X post on Monday that he would be at the Senate Committee hearing. The Ripple CEO will speak on "the need for passing crypto market structure legislation."
"Constructive crypto market structure legislation in the US is imperative in bringing about a new era of innovation and financial opportunity, while protecting consumers," Garlinghouse wrote.
Garlinghouse's testimony comes as the crypto industry prepares for the House's 'Crypto Week,' — a term popularized by House Financial Committee Chair Rep French Hill and other House leaders. It defines the week of July 14, during which lawmakers will deliberate on three key legislative bills related to the crypto industry. These include the GENIUS stablecoin bill, the market structure CLARITY bill, and the Anti-CBDC Surveillance State bill.
The CLARITY bill, which Garlinghouse will speak on its importance, aims to regulate the entire crypto market and clarify long-standing questions on the state of crypto assets. It will also properly define the regulatory jurisdiction of federal agencies, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Progress from the House could benefit Ripple, which has sought to move on from nearly a five-year-long legal battle with the SEC. Following a change in SEC leadership with the appointment of new Chair Paul Atkins, both parties filed a joint motion to close the case and reduce Ripple's $125 million civil penalty from an earlier ruling by Judge Analisa Torres at the US District Court for the Southern District of New York. However, Judge Torres denied the motion, stating that the parties lack the authority to overrule a court judgment based on a private agreement.
She clarified that Ripple and the SEC could decide to withdraw or press forward with their current appeals. Ripple proceeded to withdraw its cross-appeal against the SEC, with the regulator expected to follow suit.
XRP is changing hands at $2.29, up 0.2% over the past 24 hours at the time of publication.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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