Regulation
Brad Garlinghouse says progress on cryptocurrency regulation is more likely to happen after the 2024 election
Ripple CEO Brad Garlinghouse is “a little skeptical” that key cryptocurrency legislation will be passed in the United States before the November presidential election.
In a new one interview Speaking to CNBC, Garlinghouse acknowledges that the Biden administration has “softened” its rhetoric against cryptocurrencies, but continues to believe that real regulatory developments likely won’t occur until 2025.
“As we have all seen, the wheels of legislative progress move slowly and cautiously. I’m excited about the progress we’ve made, even in the last three weeks, and I think it may have been the most important two or three weeks ever in the evolution of cryptocurrencies in the United States, but I still think that passing legislation may take [waiting until] after the elections, perhaps before the end of the year. More likely in the first half of next year.”
Last week, President Joe Biden made good on his promise to veto a piece of cryptocurrency legislation recently passed by the House and Senate.
The bill would be reversed guide from the U.S. Securities and Exchange Commission (SEC) which states that some companies should label cryptocurrencies as liabilities on their balance sheets, even if the firms hold the assets on behalf of customers.
The Republican-led legislation passed the House by a vote of 228 to 182 and Democrats 21 in favor. The bill then passed the Senate by a vote of 60 to 38, with 11 Democrats joining forces with Republicans.
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