Bitcoinist 2025-07-08 11:30:59

Ripple CEO Brad Garlinghouse Set To Testify Before US Senate

Ripple CEO Brad Garlinghouse is set to testify before the US Senate Banking Committee on July 9, 2025, during a hearing focused on the future of digital asset markets. Titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets,” the session will reportedly address the regulatory environment surrounding cryptocurrencies, with particular emphasis on proposed legislation like the GENIUS Act and the CLARITY Act. Ripple CEO Tackles Regulatory Challenges According to a DailyStar report , Garlinghouse will be accompanied by notable figures from the industry, including Summer Mersinger, CEO of the Blockchain Association; Jonathan Levin, CEO of Chainalysis; and Dan Robinson, General Partner at Paradigm. The hearing will be led by Senate Banking Committee Chairman Tim Scott, with pro-crypto Senators Cynthia Lummis, and lawmaker Ruben Gallego overseeing the Subcommittee on Digital Assets. In a recent statement, Garlinghouse underscored the necessity of a clear regulatory framework for cryptocurrencies in the United States. He asserted that constructive legislation is crucial for fostering innovation and ensuring consumer protection while promoting financial opportunities within the sector. This testimony follows significant legal developments for Ripple, especially a ruling in July 2023 by a US District Court, which determined that XRP, Ripple’s associated token, is not classified as a security when sold to the general public, although it may be treated as such in certain institutional scenarios. XRP Case And New Stablecoin Regulations On June 26, 2025, Judge Analisa Torres reaffirmed this ruling by rejecting a proposed settlement agreement between Ripple and the Securities and Exchange Commission (SEC), maintaining that XRP is not a security in most contexts. In a notable shift, Ripple Labs announced its intention to withdraw its cross appeal regarding the sale of XRP tokens. Garlinghouse shared this decision on social media platform X (formerly Twitter), indicating that both Ripple and the SEC are expected to abandon their respective appeals. This move signals a potential resolution to a protracted dispute that has lasted several years, allowing Ripple to refocus on its primary mission: building the “Internet of Value.” By withdrawing the cross appeal, Ripple aims to expedite the conclusion of its lengthy legal battle, which has loomed over the company and the broader cryptocurrency landscape. In legislative developments, the GENIUS Act , which stands for Guiding and Establishing National Innovation for US Stablecoins, was passed by the Senate on June 17, 2025, with a bipartisan vote of 68-30. This legislation could be beneficial for Ripple, particularly for its RLUSD stablecoin, as it seeks to create a regulatory framework for stablecoins that mandates issuers to maintain equivalent reserves and comply with specific operational standards. The bill is now awaiting consideration in the House of Representatives, further indicating a significant shift in the regulatory approach to digital assets in the US. Featured image from DALL-E, chart from TradingView.com

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