Ripple CEO Brad Garlinghouse took to X to review some key moments of last week’s landmark crypto gathering, arguing that Washington’s stance over blockchain & crypto currencies has changed dramatically over the past decade.
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“It was great to join the inaugural CFTC Innovation Advisory Committee”, – acknowledged Ripple’s CEO, labelling the line-up “The Olympic roster of Crypto”. He highlighted the intersection between major TradFi players and crypto industry figures.
Big-Time Players Unite For One Goal
Representatives within the likes of NASDAQ, CME, CBOE, NYSE, DTCC & Options Clearing were all keen on working together, Ripple CEO notes. “Everyone was in agreement. Rules written for a different era aren’t good enough. Not for consumers. Not for business. Not for innovation.”
The Donald Trump-led crypto summit at the White House was indeed impactful. Notably, the global market cap added a juicy $215 billion cash bundle to the overall market capitalization the following weekend. XRP’s price responded with a 55% upswing to reclaim $1.50 just days after the hallmark crypto summit took place.
What Made The Picture More Vivid
Also, Ripple CEO Brad Garlinghouse reflected on the broader history of fighting for clear rules in the quickly-evolving landscape of digital finance. Ripple actually penned a letter to the Congress back in 2019. 7 years ago, this museum-piece letter just asked for one favor: “Dear Congress, Please do not paint us with a broad brush.”
Garlinghouse and Ripple co-founder Chris Larsen explained why digital assets shall surely be regulated specifically due to their peculiarities. 70+ regional licenses & beyond 300 partnerships later, Ripple Labs continues to be the driving force behind crypto’s legal framework umbrella.
It took six more years for Ripple to reach an understanding with the United States Securities and Exchange Commission (SEC), setting a new precedent for legal clarity in crypto. Ripple agreed to settle for $50 million as SEC deemed the ‘unregistered securities’ claim irrelevant – XRP got crystal-clear status as a digital commodity.
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