‘Clarity Act Window Is Open’ as He Hits 11 Years at Ripple

Ripple’s CEO also praised the recent collaboration between the SEC and the CFTC.

The chief executive officer of Ripple is less optimistic about the highly anticipated Clarity Act than he was before, but still believes it’s essential to provide the necessary regulatory framework for the cryptocurrency industry in the US.

In a recent post on X, Garlinghouse added that he couldn’t have imagined that the industry would fight for regulatory clarity when he started working at Ripple 11 years ago.

Time to Act

The two leading US regulators announced a joint landmark interpretive guidance in mid-March, with the key takeaway coming from the SEC Chair, Paul Atkins, who said that “most crypto assets are not themselves securities.”

According to industry experts, this guidance is a de-risking event, with the CFTC Chair indicating that the goal is to further foster an environment where crypto can flourish with “clear and rational rules of the road.”

In a recent interview at the Semafor World Economy, Ripple’s CEO weighed in on the matter and its significance:

“I think what happened two weeks ago at the SEC and CFTC coming together as a joint statement was truly groundbreaking in a bunch of ways. And, from my point of view, it ended an era of lawfare against this industry, which turns out didn’t have the support of what the law actually said, so I think that was profound.”

However, he added that without “codified legislative permanence,” which would be the Clarity Act’s role, the risk of another Gary Gensler-like SEC coming next is still present.

Garlinghouse added that he is still optimistic about the Clarity Act as it still matters despite the collaboration between the two US regulators, but he is not “as optimistic as I once was.”

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11 Years at Ripple

Garlinghouse also celebrated 11 years at the company behind XRP. He joined in April 2015 and served as President and COO for nearly two years before being promoted to CEO in January 2017. In the post on X, he outlined the progress the industry has made since then, especially in its efforts to secure regulatory clarity.

https://twitter.com/bgarlinghouse/status/2044201210815681011?ref_src=twsrc%5Etfw” target=”_blank