Brad Garlinghouse, chief executive officer at Ripple, claims that he was “honored” by a recent invitation to testify before the Senate Banking Committee.
Garlinghouse expressed gratitude to Senators Tim Scott, Ruben Gallego and Cynthia Lummis, the leaders of the newly created subcommittee on digital assets.
This will be his first formal testimony before the Senate Banking Committee.
Garlinghouse has called for passing "constructive" crypto market structure legislation, arguing that it is crucial for ushering in "a new era of innovation."
Recently, the Senate Banking Committee confirmed that the CLARITY Act (the market structure bill"), the Anti-CBDC Surveillance State Act and the GENIUS Act, which was recently passed by the Senate, would all be considered during the week of July 14.
There has been an intense lobbying effort by various cryptocurrency organizations aimed at passing the market structure bill, which would clarify which digital assets are securities vs. commodities, regulatory jurisdiction between the SEC and CFTC and create new registration regimes for brokers, exchanges and custodians. Senator Tim Scott previously indicated that the bill could be passed by October.
On July 9, the full committee will be holding a hearing that will focus on developing digital asset markets.
Apart from Garlinghouse, Chainalysis CEO Jonathan Levin, Blockchain Association CEO Summer Mersinger and Harvard policy expert Tim Massad will also testify during the upcoming hearing.
The hearing will kick off at 10:15 a.m. ET (2:15 p.m. UTC). The Senate Banking Committee’s official website will be broadcasting it live.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team