The 119th US Congress has been hailed as one of the most pro-crypto Congresses in history by Ripple CEO Brad Garlinghouse. In a recent tweet, Garlinghouse expressed his optimism about the future of the crypto sector under the leadership of this Congress, hinting that pro-crypto rules and regulations will be passed.
The US Congress plays a crucial role in the legislative process, with the power to create new laws that govern various aspects of society. In recent years, there has been a noticeable shift towards greater support for cryptocurrencies among members of Congress. This shift is reflected in the growing enthusiasm for crypto-related initiatives and policies.
Garlinghouse’s endorsement of the 119th Congress as pro-crypto marks a significant turnaround from his previous stance on the regulatory environment in the US. Just over a year ago, he advised crypto entrepreneurs to consider establishing their businesses in more crypto-friendly jurisdictions such as Singapore, the United Kingdom, the UAE, and Switzerland.
The Ripple CEO’s change of heart suggests that the regulatory landscape in the US has become more favorable for crypto businesses. He now encourages entrepreneurs to prioritize the US jurisdiction when starting a crypto venture, signaling a newfound confidence in the country’s regulatory framework.
Under the presidency of Donald Trump, the crypto sector is poised to benefit from a favorable environment both in Congress and the Executive Branch. With a ProCrypto Congress supporting crypto-friendly legislation and a president who is sympathetic to the industry, the prospects for the crypto sector look promising.
Overall, Garlinghouse’s endorsement of the 119th Congress as pro-crypto signals a positive shift in the regulatory landscape for the crypto sector in the US. As lawmakers and industry leaders work together to create a supportive environment for crypto innovation, the future looks bright for the industry.