Ripple CEO Brad Garlinghouse has released his full Senate testimony before an important U.S. Senate Banking Committee hearing today. This is a significant step towards the advocacy of clear crypto regulations in the U.S., particularly following the huge victory of Ripple in the XRP case.
In his statement, Garlinghouse called Ripple’s court victory a “game changer” for the entire crypto industry. The four-year legal battle with the SEC ended with a ruling that XRP is not a security, giving hope to other crypto firms facing similar challenges.
“Ripple was the first major U.S. crypto firm sued by the SEC,” Garlinghouse said. “We knew a loss would hurt the whole industry. But we fought hard and won.”
He urged lawmakers to pass the CLARITY Act, a proposed law that aims to give digital assets proper legal definitions. He stressed that the U.S. has the talent, capital markets, and innovation to lead global crypto growth.
Garlinghouse also pointed out that more than 55 million Americans have been using crypto and the world market is at $3.4 trillion. According to him, transparent guidelines will help enhance innovation, consumer protection, and the economy.
He also noted that the SEC has become more open to crypto under the current administration, especially after the XRP case closed following Trump’s inauguration.
At the Senate hearing, Garlinghouse is set to face Senator Elizabeth Warren, a vocal crypto critic. With legal troubles behind it, Ripple now hopes to shape U.S. crypto policy from the frontlines.
