Key Highlights from Ripple CEO’s Testimony

Ripple CEO Brad Garlinghouse has published the full text of his upcoming congressional testimony that will take place this Wednesday before the United States Senate Committee on Banking, Housing, and Urban Affairs.

Garlinghouse, whose company had been mired in legal troubles for years in the U.S., stressed that Ripple has taken a “compliance-first” approach. 

Ripple is advocating for “smart legislation” that should be based on such core principles as proper market oversight, robust consumer protection, and a commitment to promoting innovation. 

According to Garlinghouse, Congress should focus on establishing clear boundaries for financial regulators and ensuring that the US remains a global leader in crypto by making it possible for companies to keep building in the country. “The U.S. possesses the world’s deepest capital markets, the most advanced technical talent, and the spirit of innovation that has powered our nation since its founding,” he noted. 

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The Ripple boss has lamented the lack of regulatory progress in the US. Due to this, innovative tech, jobs, and tax dollars were pushed offshore.  “At Ripple, we’ve seen firsthand how the lack of clear rules of the road can be weaponized to target good actors,” his testimony says. 

While reflecting on the grueling battle with the SEC, which was wrapped up last month, Garlinghouse noted that the company’s loss would have been “a death knell” to the crypto industry. However, the company prevailed on “everything that mattered.” 

In his testimony, Garlinghouse highlighted some of the key advantages of the XRP cryptocurrency, noting that the cryptocurrency boasts fast, cheap, and highly scalable transactions.

The Ripple head also stressed that the company has 15 offices and roughly 900 employees around the globe. 

As reported by U.Today, the hearing will take place at 10:15 AM Eastern Daylight Time (EDT).