Brad Garlinghouse to Testify Before U.S. Senate Banking Committee
Brad Garlinghouse, the CEO of Ripple, has announced he is set to appear before the U.S. Senate Banking Committee on July 9, 2025. This session will focus on the current landscape of cryptocurrency regulation in the United States, with Garlinghouse expressing his gratitude for the opportunity to testify.
He stated that he believes legislative action regarding crypto market structure is crucial for fostering innovation and providing financial prospects while ensuring consumer protection.
Ripple’s Ongoing Legal Challenges
His participation in this hearing coincides with his firm’s ongoing efforts to resolve a protracted legal dispute, which recently concluded with a court ruling that declared Ripple’s cryptocurrency, XRP, as not a security. Notably, Ripple Labs has also decided to drop its appeal against a permanent injunction that prohibited the sale of XRP to institutions, following a previous court decision that dismissed a pleading made in conjunction with the U.S. Securities and Exchange Commission (SEC).
Garlinghouse’s testimony is significant not just for Ripple, the issuer of XRP and the RLUSD stablecoin, but also for the entire cryptocurrency sector. Since 2013, Ripple has navigated various legal challenges from multiple regulatory bodies, including the Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN), in addition to its lengthy battle with the SEC that commenced in December 2020.
Senate Banking Committee’s Regulatory Framework
In recent weeks, the Senate Banking Committee’s leadership, consisting of Chairman Tim Scott and Subcommittee on Digital Assets Chair Cynthia Lummis, has published guiding principles to shape a cohesive regulatory framework for digital assets. Their aim is to engage with stakeholders like Garlinghouse as they work towards enhanced regulatory clarity and oversight.
Chairman Scott emphasized his commitment to modernizing the regulation of digital assets and stated his enthusiasm about progressing legislation that emerged from the GENIUS Act, a guideline directed at improving market conditions for both the crypto sector and American consumers. This upcoming hearing represents a pivotal moment for discussions surrounding crypto regulation.
