Ripple CEO Calls 119th US Congress Most Pro-Crypto Legislative Body
The 119th US Congress is recognized as the most pro-crypto legislative body, with Ripple CEO Brad Garlinghouse expressing optimism about its impact. On January 3, Garlinghouse noted the arrival of 298 pro-crypto legislators from both parties, indicating a significant shift in Washington's approach to digital assets.
Crypto advocacy group Stand With Crypto supports Garlinghouse's views, highlighting lawmakers committed to advancing blockchain innovation. The group anticipates productive collaboration in the upcoming year, aiming for a stronger industry voice in legislative discussions.
A key factor in this pro-crypto sentiment is the substantial financial support received by lawmakers during their campaigns. Political Action Committees (PACs) like Fairshake contributed over $200 million to candidates favoring innovation-friendly policies, backed by major players such as Coinbase, Ripple, Jump Crypto, and investors like Andreessen Horowitz. This funding demonstrates the industry’s commitment to establishing clearer regulatory frameworks and promoting innovation.
Industry stakeholders expect the new Congress to prioritize critical legislative initiatives, including the Financial Innovation and Technology for the 21st Century Act (FIT21) and Senator Cynthia Lummis's proposal for a Strategic Bitcoin Reserve. These measures could enhance regulatory clarity and stability, enabling businesses to operate with increased confidence.
There is also a push for Congress to counter aggressive regulatory actions from agencies like the Securities and Exchange Commission (SEC). Many in the crypto community contend that prior regulations have hindered innovation and created market uncertainty. A more balanced regulatory approach could redefine interactions between regulators and the crypto sector.
Leading crypto companies, including Coinbase and the Blockchain Association, have indicated their willingness to collaborate with lawmakers to establish fair regulations that protect consumers while fostering technological advancement and investment.
This widespread optimism suggests that the US has the potential to become a global leader in blockchain and cryptocurrency innovation. Clear rules and supportive policies could promote growth, attract investment, and set a global standard for responsible crypto regulation.
The collaboration between policymakers and the crypto industry signifies a turning point, with recognition of blockchain technology's capacity to drive economic growth and innovation. As discussions progress, stakeholders remain hopeful that the 119th Congress will achieve meaningful advancements for the industry.