Ripple CEO Cites Progress in US Crypto Regulation Momentum

Ripple CEO Brad Garlinghouse has observed a significant shift in momentum regarding US crypto regulation, driven by increasing political support. The proposed Clarity Act's progress appears more tangible than previous months, with several key developments contributing to this trend.

Garlinghouse highlighted the importance of Senator Thom Tillis' backing for the bill, which he believes strengthens its chances of advancing. A committee markup is expected in mid-May, and if the bill clears that stage, Garlinghouse noted that securing bipartisan backing on the Senate floor becomes more likely. He emphasized that reaching the 60-vote threshold required for passage now seems achievable.

The Clarity Act's stablecoin yield provisions have drawn opposition from major banking groups, including the American Bankers Association and Bank Policy Institute. These organizations criticized the compromise reached by Tillis and Angela Alsobrooks, warning that yield-bearing stablecoins could significantly reduce traditional lending activity. However, lawmakers backing the bill countered that the current language reflects months of negotiations and brings the bill closer to passage.