Brad Garlinghouse responded to criticism from the crypto community following a press conference held by Crypto Czar David Sacks. The event included key figures from the House and Senate banking and finance committees, focusing on implementing a crypto-friendly regulatory framework in the United States.
At the press conference, several Republican lawmakers participated, including those appointed by the president to assist in drafting regulations for digital assets. David Sacks emphasized the need to establish laws that promote blockchain innovation and support crypto businesses operating within the country.
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Crypto Czar Highlights Industry Concerns and Regulatory Barriers
David Sacks pointed out that crypto company founders have consistently voiced concerns about the absence of regulatory clarity over the past four years. Many businesses faced legal action from the Securities and Exchange Commission (SEC) without clear compliance guidelines.
The crypto industry involvement led to bank account freezes of several entrepreneurs. Digital asset companies relocated their operations abroad, thus reducing American regulatory control over these businesses.
According to Sacks, the priority must be maintaining these businesses in the United States and providing enhanced oversight. He emphasized the risks involved in crypto operations outside the United States by using FTX’s Bahamas-based collapse as an example.
According to Sacks, successfully managing digital assets through strategic initiatives would help the U.S. dollar stay dominant globally.
Ripple CEO Defends Crypto-Friendly Legislation
Ripple CEO Brad Garlinghouse weighed in on the issue, addressing those who criticized the working group’s goals. In a tweet, he dismissed the negative responses, arguing that critics were missing the broader importance of the initiative.
Garlinghouse described the push for regulatory clarity as a necessary advancement for the industry, something long overdue. Ripple, a company that has faced SEC lawsuits in recent years, has consistently advocated for clearer guidelines to ensure compliance while fostering innovation.
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