On the 3rd of January 2023, Ripple CEO Brad Garlinghouse shared a Twitter thread saying that the non-existence of perfect Crypto bills should not be the enemy of crypto progress.
3/ No bill is perfect and there likely never will be one that satisfies everyone. But perfect shouldn’t be the enemy of progress – these proposals provide more than a starting point for debate in this new Congress. The stakes couldn’t be higher.
— Brad Garlinghouse (@bgarlinghouse) January 3, 2023
According to Garlinghouse no bill is perfect and there likely will never be one that satisfies everyone as the stakes continue to get even higher so attempts to pursue a perfect bill should not stall the progress of congress in creating crypto regulations and legislation. He believes the proposals already on the ground provide more than enough groundwork to begin debate in the new Congress.
To mark the first day of the 118th congress, Garlinghouse shared his hopes of 2023 being the year the United States gains regulatory clarity for crypto, adding that support for regulation is bipartisan and bicameral as several leaders have publicly supported blockchain technology, and recognized the need for clarity.
The Ripple CEO stated that the US is not working with a blank slate as regards regulation, referencing bills such as the Securities Clarity Act, the Responsible Financial Innovation Act, and the Clarity for Digital Tokens that have tried to address stable coins and CEXs.
He highlighted that countries such as Singapore, the EU, Brazil, Japan, and even the UK have crypto frameworks well ahead of the US. An inhibitor to global crypto stability is the lack of coordinated effort to implement a regulatory framework both globally and in the US. This continues to push its citizens to businesses resident in countries with even lower regulatory bars resulting in sometimes, catastrophic consequences such as the implosion of FTX quartered in the Bahamas.
Garlinghouse believes that the building blocks for regulation have already been introduced and coupled with a strong will to act, the US government has a chance to get it right and gradually change the status quo for millions of Americans in real-time who already are and will continue to be invested in Digital currency.
He is of the strong opinion that the 118th congress now has a unique opportunity to create History. The United States previously held the position of innovation leader in the global scheme of things. Thus, this was the one opportunity to ensure the US retains the status of an innovation leader for decades to come.
He hopes they grab it with both hands, for the benefit of the American populace and the crypto industry at large.
