Market News

US Ripple CEO Advocates for Swift Regulation Amidst Global Stablecoin Surge

Ripple CEO Brad Garlinghouse has issued a call for urgent regulatory action in the United States, emphasizing the rapid global growth of stablecoins.

He expressed concern that without clear regulations, the U.S. risks lagging in the fast-evolving digital currency landscape.

Garlinghouse’s remarks follow the Senate's failure to pass the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act, which aimed to create a cohesive regulatory framework for stablecoins in the country.

This setback disappointed many in the industry, who had anticipated the bill as a major step toward unified oversight.

Currently, stablecoin regulation is fragmented, leaving companies to navigate a complex web of state-level rules which hampers clarity and compliance.

Coinbase CEO Brian Armstrong previously urged Congress to prioritize and advance the GENIUS Act, advocating for bipartisan efforts in this critical area.

Meanwhile, Treasury Secretary Scott Bessent criticized the Senate's inaction as a missed opportunity for U.S. financial leadership and innovation.

He highlighted the importance of a streamlined federal framework, warning that without it, growth and competitiveness in the U.S. would be stifled.

Despite these challenges, advocates within the cryptocurrency space remain optimistic, pointing to the global demand for stablecoins as a strong indicator of their future potential.

They continue to push for legislative action, hoping to create an environment that fosters both innovation and consumer protection in the evolving crypto landscape.