Ripple CEO to Testify Before Senate on Crypto Market Structure Reforms

Ripple CEO Brad Garlinghouse will appear before the Senate Banking Committee to address digital asset regulation and legislative priorities.

Lawmakers are reviewing multiple crypto-related bills, including the CLARITY Act and the Anti-CBDC Surveillance State Act, during the same week.

The Senate hearing will feature testimony from crypto industry leaders and policy experts on the structure and oversight of digital asset markets.

Brad Garlinghouse, the chief executive officer of Ripple, will appear before the Senate Banking Committee on July 9 as part of a scheduled hearing focused on digital asset market development. It is his initial official testimony to the panel, and lawmakers are still debating crypto laws.

When the Senate Banking Committee returns to work on July 14, it will be reviewing a number of bills in the digital asset space. These include the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act. These bills attempt to set the regulatory environment, discuss the agency supervision, and set up a platform of exchanges, brokers, and custodians.

Garlinghouse Answers in Favour of the Legislative Framework

Garlinghouse, who noted that he was pleased with the invitation to appear, underlined the need to have a straightforward regulatory framework. He thanked his first co-chairs, Senators Tim Scott, Ruben Gallego, and Cynthia Lummis, on the issue of the new subcommittee on digital assets. Garlinghouse states that new laws are required to enable responsible innovation and clarify to all industry players.

In addition to Garlinghouse, several industry leaders will contribute to the hearing. Participants include Jonathan Levin, CEO of Chainalysis; Summer Mersinger from the Blockchain Association; and Harvard policy advisor Tim Massad. Each will offer perspectives on market structure, oversight, and risks related to digital assets.

Hearing Set for July 9 With Public Broadcast

The Senate hearing will begin at 10:15 a.m. Eastern Time and will be streamed live on the committee’s official website. Lawmakers are expected to hear testimony on the need for updated rules regarding how digital assets are defined and regulated under U.S. law.

There has been a concerted lobbying effort from within the cryptocurrency sector to advance the market structure bill. This proposed legislation would outline distinctions between commodities and securities and establish regulatory responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

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