Ripple CEO to Testify Before Senate Banking Committee on Crypto Regulation
Ripple CEO Brad Garlinghouse to Testify Before U.S. Senate on Crypto Regulation
Garlinghouse’s Upcoming Testimony
Brad Garlinghouse, the CEO of Ripple, has announced his participation in a testimony before the U.S. Senate Banking Committee scheduled for July 9, 2025. He expressed his gratitude for the invitation, emphasizing the importance of discussing the regulatory framework for cryptocurrencies.
Context of the Hearing
The Senate Banking Committee’s hearing will focus on the structure of the cryptocurrency market, with Garlinghouse joining other prominent figures in the industry. His testimony comes at a pivotal time as the regulatory environment in the U.S. continues to evolve, particularly concerning digital assets.
“I am honored to be invited to testify in front of the Senate Banking Committee this Wednesday on the need for passing crypto market structure legislation,” Garlinghouse stated. He highlighted the necessity of constructive legislation to foster innovation and safeguard consumers.
Ripple’s Regulatory Journey
Garlinghouse’s upcoming testimony is significant as Ripple, the organization behind the XRP cryptocurrency and the RLUSD stablecoin, seeks to move past a lengthy legal dispute. Recently, a U.S. judge ruled that XRP is not classified as a security, marking a crucial development for the company.
Ripple Labs has also decided to withdraw its appeal regarding a court’s permanent injunction on institutional sales of XRP. This decision follows the court’s rejection of a joint motion for an indicative ruling with the U.S. Securities and Exchange Commission (SEC).
Despite these recent challenges, Ripple has been engaging with U.S. regulators since 2013. The company has navigated legal matters with various agencies, including the Commodity Futures Trading Commission and the Financial Crimes Enforcement Network. The SEC initiated a lawsuit against Ripple and its executives in December 2020, a case that has persisted for nearly five years.
Industry Implications and Legislative Efforts
Garlinghouse’s influential role within Ripple and the broader cryptocurrency sector positions him as a vital contributor to the upcoming hearing. Last month, key Senate figures, including Banking Chair Tim Scott and Subcommittee Chair Cynthia Lummis, released a set of principles aimed at creating a comprehensive regulatory framework for digital assets. The upcoming hearings will align with these principles as lawmakers engage with Garlinghouse and other industry leaders.
“Since taking over as Chairman, I’ve led a new approach to digital assets regulation, and we’ve delivered results for the industry and the American people. We have more work to do, and I look forward to building on the success of the GENIUS Act and advancing market structure legislation here in the Senate,” Scott remarked.
As the cryptocurrency landscape continues to develop, Garlinghouse’s testimony is expected to play a crucial role in shaping future regulatory policies.
