Ripple CEO: US Is Finally Unlocked

Ripple CEO Brad Garlinghouse has told Fox Business that the company is seeing a change in domestic interest. 

“The United States is finally unlocked, and I think that people are underestimating how big that change is,” he said. 

This comes after the U.S. Securities and Exchange Commission recently dropped its appeal against Ripple. 

New regulatory developments 

The SEC, which was known for its hostile anti-stance crypto stance under the leadership of former Chair Gary Gensler, has moved to swiftly embrace the industry. 

As reported by U.Today, the new SEC leadership quickly moved to drop the SAB 121 rule which made it much more challenging for banking institutions to get involved in crypto custody.  

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According to Garlinghouse, those banks that were really hesitant and really nervous about touching crypto are “leaning in” now. 

Catching up with the rest of the world  

The SEC has also established a task force for creating clear crypto regulations. 

Garlinghouse has stressed that the recent developments are “a big deal” for Ripple as well as the broader industry. 

“We will see the US finally start to catch up with the leadership we’re seeing from other markets around the world,” he said. 

Garlinghouse has also commented on the much-talked-about stablecoin bill, noting that it will be voted on within the next four to eight weeks. Earlier this month, he stated that the U.S. stablecoin policy was on its way after the key bill passed the U.S. Senate Banking Committee. 

Earlier, the Ripple boss would routinely criticize the U.S. for failing to catch up with other pro-crypto jurisdictions such as Japan, the UAE, and Singapore.  

XRP’s legal status 

The Ripple CEO has also recalled that XRP was recognized as a non-security by a federal judge in 2023, which is the opposite of what the SEC was trying to argue. 

He believes that the market structure bill, which will define the legal status of various cryptocurrencies, will pass within the next six months. 

Regulatory clarity will foster more innovation, more job creation, and more capital formation in the US, according to Garlinghouse.