Ripple CEO Brad Garlinghouse has voiced his optimism about the prospects of achieving regulatory clarity for cryptocurrency in the US in 2023 in a recent Twitter thread.
Commenting on the first day of the 118th Congress, Garlinghouse pointed to bills such as the Securities Clarity Act, the Cryptocurrency Facilitation for Investors and Digital Assets Act (RFIA), and the Clarification for Digital Tokens Act.
While no bill has been able to satisfy everyone's expectations so far, Garlinghouse believes that this could be seen as an opportunity rather than a hindrance – these proposals can provide more than a starting point for debate in Congress.
Garlinghouse mentioned that other countries have established crypto frameworks, like Singapore, the EU, Brazil, and Japan, which are ahead of those in the US in terms of legislation and regulation. The lack of coordinated standards globally is forcing businesses to places with lower barriers, sometimes with disastrous consequences.
Countries with more comprehensive regulations are luring cryptocurrency businesses away from the U.S.
It remains to be seen whether 2023 turns out to be the defining year for crypto regulation now that some lawmakers calling for cracking down on crypto in light of the FTX collapse.