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Ripple CEO Brad Garlinghouse featured as an exclusive speaker in the Binance online event which was held on May 13.
Garlinghouse was part of a panel with Binance co-CEO Richard Teng and Lily Liu, Solana Foundation president, which discussed "the Evolution era".
Binance shared highlights from the discussion in a recent tweet: these included insights from the Ripple CEO which indicated remarkable progress being made in crypto regulation.
The Ripple CEO mentioned how close the crypto market may be to a landmark milestone in US regulation.
"In the US, the good news is that we are as close to the finishing line as we have ever been," Garlinghouse stated, adding that "there's actually a markup scheduled out of the senate banking committee and that's something we really haven't been this far along."
The Ripple CEO noted being very close to the finish line in January, but the move faced an initial setback after Coinbase expressed some concerns and walked away from the table. Garlinghouse noted that the industry has been fighting for this moment for years, and so a lot of progress has been made.
"I'm very hopeful and frankly quite optimistic," Garlinghouse said. This optimism comes amid a positive shift for the crypto industry, ushered in by the current administration. The Ripple CEO highlighted a likelihood of 70% of the act being passed this year, citing outcomes from the prediction market.
Clarity Act progresses
After months of negotiations, the Senate Banking Committee unveiled a 309-page Clarity Act update earlier in the week and scheduled a May 14 markup. The new text addresses issues that stalled the bill's progress in January, but it also makes important changes that require careful consideration.
On May 12, the Senate Banking, Housing, and Urban Affairs Committee (SBC) released a revised 309-page Amendment in the Nature of a Substitute (ANS), or updated draft text, covering the bulk of the digital asset market structure framework.
Shortly after this development, Polymarket was pricing the act passing by year-end at about 67%-75%, significantly up from below 50% in mid-April. The market's revaluation reflects the fact that the bill is moving again, irrespective of concerns.
Dan Burgin
U.Today Editorial Team
