Ripple CEO Brad Garlinghouse has stated that the industry should not give up on the high-stakes market structure bill. "We shouldn't give up, we're so close," Garlinghouse said.
The Ripple boss has stressed that crypto companies need to keep working "constructively" with Washington.
As reported by U.Today, Garlinghouse recently spoke out about the deepening divide within the crypto industry at the highly exclusive CfC St. Moritz conference in the Swiss Alps.
Coinbase's abrupt decision to withdraw its support for the bill has left the future of U.S. crypto regulation hanging in the balance.
The Ripple CEO has acknowledged that Armstrong had raised "fair concerns" regarding the bill's impact on DeFi privacy and stablecoin yields.
At the same time, Garlinghouse admitted he was "surprised how vehemently" Coinbase came out against the bill, essentially killing the scheduled Senate markup on January 15.
Coinbase's firm rejection
Coinbase’s leadership recently went from cautious support for federal crypto regulation to a firm rejection of the current market-structure bill draft.
Armstrong has stressed that the exchange cannot support the bill in its present form.
The Coinbase boss has openly complained about what he has describe as as a "de facto ban" on tokenized equities, a category of digital assets that would represent tradable shares on blockchain.
Armstrong and the Coinbase policy team named broader decentralized finance (DeFi) restrictions and expanded government access to financial data as problematic.
However, stablecoin yields are, of course, the main point of contention that has sunk the Senate markup.
Alex Dovbnya
Tomiwabold Olajide
Gamza Khanzadaev
Godfrey Benjamin