Ripple CEO Brad Garlinghouse Optimistic About Future of Crypto Industry After Inauguration of 119th Congress
The recent inauguration of the 119th United States Congress has sparked optimism within the crypto industry, with Ripple CEO Brad Garlinghouse expressing positivity about the future. Garlinghouse took to X to welcome the new Congress, which he described as ‘the most pro-crypto Congress in history.’ This statement hints at a potential shift towards a more favorable regulatory environment for cryptocurrencies, addressing the growing need for clarity and investor protection.
The Dawn of Positive Developments for Crypto
Garlinghouse believes that the 119th Congress signifies the beginning of a series of positive developments for the crypto industry. He noted the increasing energy and excitement within the sector, especially with over 200 pro-crypto advocates now part of Congress.
Overwhelming Support for Crypto Advocates in Congress
The crypto industry played a significant role in the 2024 U.S. election, providing financial support to numerous congressional candidates and PACs. This strategic move paid off, as a total of 298 pro-crypto advocates secured seats in the 119th Congress. Stand With Crypto, a leading cryptocurrency advocacy group, welcomed the new Congress members with free coffee at the Capitol, celebrating the historic moment.
Congress Set to Address Crypto Policy
While the 119th Congress has just commenced its session, discussions on crucial matters, including crypto regulation, are expected to take place in the coming months. Rep. French Hill, the House Financial Services Committee leader, has appointed Allison Behuniak as policy director, signaling a proactive stance on crypto regulation. Hill aims to prioritize the FIT21 Act and stablecoin regulation, focusing on regulatory clarity and oversight within the industry.
The FIT21 Act aims to define the regulatory authority between the CFTC and SEC in overseeing the crypto space, while stablecoin regulation targets the regulation of stablecoins. Stakeholders like Garlinghouse are hopeful that the pro-crypto lawmakers will introduce favorable policies to drive industry growth and innovation.