Endorsement of Cryptocurrency Framework
Brad Garlinghouse, CEO of Ripple, has endorsed Senator Tim Scott‘s proposed framework for cryptocurrency market structure, describing it as a significant advancement for the sector. His endorsement is influenced by Ripple’s past challenges with regulatory uncertainty.
“Having experienced the impacts firsthand, I can confidently say that clarity is preferable to chaos, and the success of this legislation reflects the success of the entire crypto community,” Garlinghouse commented.
According to U.Today, the proposed bill has undergone 137 amendments and is currently subject to intense discussions in private sessions. Garlinghouse has assured stakeholders that Ripple is committed to remaining actively involved in the legislative process rather than opting out. He expressed hope that outstanding issues can be addressed as the markup process unfolds. Furthermore, he commended the bill for establishing feasible regulations for the cryptocurrency sector while safeguarding consumer interests.
Postponement of Market Structure Markup
In a turn of events, the Senate Banking Committee has decided to postpone the market structure markup originally scheduled for tomorrow. This decision comes after Coinbase’s CEO, Brian Armstrong, led a public backlash against the proposal, causing hesitation among lawmakers to move forward with what has become a polarizing piece of legislation.
The multitude of amendments appears to have failed to reconcile the differing positions of the anti-stablecoin banking advocates and the cryptocurrency proponents, which may lead Senate staffers back to private discussions to seek a resolution.
