Brad Garlinghouse, CEO of Ripple, said that advancing digital asset legislation will enhance U.S. competitiveness and improve efficiencies in financial transactions. He made this statement during his testimony before the Senate Committee on Banking, Housing, and Urban Affairs.
"I urge you to prioritize the passage of market structure legislation for digital assets," said Garlinghouse. "to provide the rules and regulations needed to ensure that the U.S. becomes the crypto capital of the world. this will catalyze a new era of U.S. competitiveness and unlock efficiencies in financial transactions. Ripple hopes to see this become a reality."
On July 9, the U.S. Senate Banking Committee conducted a hearing titled "From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets." The session featured testimonies from prominent figures in the cryptocurrency industry, including Garlinghouse; Summer Mersinger, CEO of the Blockchain Association; Jonathan Levin, CEO of Chainalysis; and Dan Robinson, General Partner at Paradigm. The discussion centered on the necessity for clear regulatory frameworks for digital assets and included proposed legislation such as the GENIUS Act and the CLARITY Act.
The U.S. digital asset market has witnessed significant growth, with its market capitalization reaching approximately $1.6 trillion by the end of 2023—double that of the previous year. This increase is attributed to greater institutional participation, the introduction of spot Bitcoin Exchange-Traded Funds (ETFs), and wider acceptance of cryptocurrencies. These trends indicate a maturing market with growing investor confidence bolstered by regulatory developments.
Despite being a major player in the digital asset space, the United States faces rising competition from other leading countries. According to the 2024 IMD World Digital Competitiveness Ranking, the U.S. fell to fourth place behind Singapore, Switzerland, and Denmark. Singapore has notably progressed by issuing 13 licenses to digital asset operators in 2024—more than double from last year—enhancing its status as a crypto hub. These advancements suggest that while maintaining a strong position, other nations are swiftly developing their digital asset frameworks.
Garlinghouse leads Ripple, a blockchain-based digital payment company. Before joining Ripple in 2015, he held executive roles at Yahoo! and Hightail. He has been an active proponent for clear cryptocurrency regulations in the U.S., recently testifying before the Senate Banking Committee to stress the importance of legislative clarity in the digital asset market.