Industry calls for innovation and inclusion in U.S. crypto regulation processes continue.
Ripple $2 CEO Brad Garlinghouse initiated a new wave of discussion in the cryptocurrency sector following the cancellation of his anticipated meeting in Washington D.C. with Senator Cynthia Lummis. The delay of this meeting, which was intended to focus on comprehensive and balanced regulation of crypto assets, has become a pivotal event in recent hours. Despite Lummis’s known support of Bitcoin $105,703, her cautious stance toward other cryptocurrencies has sparked various interpretations regarding the cancellation.
ContentsRipple Meeting CancellationCrypto Regulation Process in the U.S. Ripple Meeting Cancellation
Brad Garlinghouse announced on social media platform X that Senator Lummis canceled the meeting and showed reluctance to reschedule. He urged Lummis to take a leadership role for the whole crypto sector.
“I invite you to be a leader for the entire cryptocurrency ecosystem and reconsider our meeting.” -Brad Garlinghouse
Additionally, Garlinghouse mentioned he proposed an open discussion to Lummis on both X Spaces platform and during a live event.
The meeting’s cancellation stood out in Washington’s ongoing discussions regarding crypto asset regulation. Industry representatives highlighted the leaders’ need to develop a comprehensive policy addressing the entire crypto asset ecosystem.
Brad Garlinghouse emphasized that crypto assets should not be restricted to just Bitcoin and that it’s crucial to include all blockchain networks. Ripple’s CEO urged U.S. politicians and regulators to take balanced and impartial steps regarding cryptocurrencies.
“Leaders need to support not only Bitcoin but all blockchain technologies.” -Brad Garlinghouse
It’s interesting to recall discussions about Ripple’s lobbying against Bitcoin during the tough days of the May 2021 China ban. Past comments suggested Ripple’s global influence would grow while Bitcoin might become less useful. Perhaps Lummis cherishes BTC deeply enough to harbor resentment for those who acted against it?
Crypto Regulation Process in the U.S.
Regulatory efforts concerning crypto assets in the U.S. have gained momentum recently. Senator Cynthia Lummis is known as an advocate for Bitcoin-focused regulations.
Many experts argue that regulations should aim to encompass all actors in the industry without centering on a single cryptocurrency. Ripple’s CEO’s statements echoed this sentiment, as Garlinghouse reiterated calls for innovative and inclusive policies.
The development of legal regulations on cryptocurrency according to evolving market conditions is seen as crucial for healthy sector growth. Although U.S. policymakers and regulators have differing opinions, it’s emphasized that finding common ground is necessary. Meanwhile, we know that Trump supported numerous U.S.-based altcoins, including XRP, through the idea of a crypto stock.
The Ripple CEO’s unfulfilled meeting request with Senator Lummis added a new dimension to the debate on digital asset regulation in the U.S. Garlinghouse’s call for an inclusive and balanced approach resonated within the digital finance sector. In this context, ensuring regulatory processes consider all blockchain-based projects rather than focusing solely on specific technology could be vital for promoting innovation and the sustainability of the sector. Additionally, increasing communication between decision-makers and industry representatives may positively influence the success of current and future regulatory efforts.
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