Brad Garlinghouse, CEO of Ripple, has called for a legislative framework for digital assets and stablecoins that prioritizes consumer protection, market oversight, and innovation support. This statement was made during his testimony before the Senate Committee on Banking, Housing, and Urban Affairs.
"We believe smart legislation should be based on several core principles," said Garlinghouse. "Consumers need protection from fraud and scams, markets need proper oversight, bad actors need to be kept in check, and innovation must thrive. A constructive and workable framework for digital assets and stablecoins that achieves these goals will expand access to financial markets, create jobs, boost the economy - and put the U.S. on the path to being a global blockchain and crypto leader."
On July 9, Garlinghouse participated as a witness in a hearing titled "From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets." He joined other prominent figures in the digital asset sector to discuss the future of cryptocurrency regulation and market development. The session took place at the Dirksen Senate Office Building and included testimony from various industry executives and policy experts. This event was part of the committee's efforts to gather diverse perspectives on digital asset markets and regulatory frameworks.
A report by the United States Blockchain Coalition in 2023 highlighted the significant economic impact of the Web3 industry. It noted that since 2008, this sector has created over 200,000 jobs and attracted more than $107 billion in capital investments. The report emphasized that this growth is largely driven by startup activity with substantial investment from established companies across sectors such as finance, technology, retail, media, and healthcare. The coalition said that the Web3 industry is transitioning from a nascent sector to one with a substantial footprint in the broader economic landscape.
Brad Garlinghouse was born in 1971 in Kansas and is currently leading Ripple Labs as its Chief Executive Officer. Before joining Ripple in 2015, he held executive roles at Yahoo! and AOL. Known for advocating blockchain technology, Garlinghouse has been vocal about seeking regulatory clarity within the digital asset space. According to his biography on Traders Union, his leadership has played a crucial role in Ripple's growth and its efforts to integrate blockchain solutions into traditional financial systems.
Ripple Labs was founded in 2012 by Chris Larsen and Jed McCaleb. Based in San Francisco, it specializes in blockchain-based payment solutions. The company developed the XRP Ledger, an open-source blockchain designed for fast cross-border transactions. Ripple aims to enable secure global financial transactions with minimal costs. According to Ripple's official company profile, it collaborates with financial institutions worldwide to enhance international payment efficiency.
