Ripple CEO advocates for transparent cryptocurrency regulation ahead of the 2024 elections

Ripple CEO Brad Garlinghouse called on US regulators to ensure clear regulations on cryptocurrencies. He urged U.S. regulators to work with other developing economies to help develop rules to regulate the country’s cryptocurrency sector.

Ripple CEO pushes for clear cryptocurrency regulation

Garlinghouse’s appeal is crucial as US lawmakers face pressure to update and clarify cryptocurrency regulations. House leaders rescinded the current rules and members voted against them. This political shift highlights the growing importance of cryptocurrency in the US political landscape.

Supporting Garlinghouse, Stuart Alderoty, Ripple’s chief legal officer, stated that cryptocurrencies have become the main key issue in the 2024 elections. Alderoty added that Ripple will continue to support policies and decision-makers that are moving the U.S. forward. Moreover, Ripple CLO stressed that the United States must catch up with other major global centers that have committed to precise rules of conduct for the industry.

Presidential candidate Donald Trump expressed support for cryptocurrency. The former president, in his bid to return to office, promised to make the US a leading cryptocurrency center. His stance added a new dimension to the ongoing debate about the future of digital assets in America.

Senator Cynthia Lummis reiterated growing support for crypto assets in Congress following recent industry victories. The pro-crypto legislator wrote that a pro-industry coalition is being formed in Congress. This statement highlights the growing acceptance and support for cryptocurrencies among US lawmakers.

Ripple also showed her support for the upcoming elections. A recent report revealed that the company donated $25 million to Fairshake. This investment represents a commitment to the advancement and adoption of cryptographic and blockchain technologies. It also sends a clear message to politicians with outdated views that their failed policies will not be tolerated.

Republican Crypto Bill Gains Attention During Election Day

Act on financial innovations and technologies for the 21st century (

FIT21) aims to ensure regulatory transparency of digital assets and consumer protection. The cryptocurrency bill, favored by Republicans, became an important topic of discussion during this year’s elections. The bill aims to clarify the treatment of digital assets sold under an investment agreement.

“A digital asset sold, transferred or intended to be sold or transferred under an investment agreement is not and will not become a security in connection with the sale or transfer otherwise under that investment agreement,” the bill reads. This provision aims to provide a clear framework for classifying and regulating digital assets.

The House Agriculture Committee criticized the SEC chairman Gary Gensler and the SEC for their policy stance on cryptocurrency regulation. The Committee emphasized that the July 2023 XRP decision was a key step in establishing the regulatory framework. This decision sparked ongoing discussions about the role of the SEC and the need for clear guidelines in the cryptocurrency industry.

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