The most pro-crypto congress in history takes charge, says Ripple CEO

Ripple CEO Brad Garlinghouse calls the 119th Congress the most pro-crypto in history, offering hope for better regulations and support for blockchain innovation. With Republicans in control and new leadership at the SEC expected, the crypto industry anticipates a fresh start. Garlinghouse stresses the need for the U.S. to act decisively to maintain its global edge in cryptocurrency.

As Ripple CEO Brad Garlinghouse claims, the 119th Congress is now the most pro-crypto U.S. Congress in history, with Republicans taking control again after six long years.

Pro-crypto congress brings optimism

After all, this moment marked not only the victory of Mike Johnson as Speaker of the House again but also Donald Trump’s return to the White House, and the crypto community feels that their interests are going to be protected this time around. This could be a good time for an industry that has faced many challenges under the Biden administration and the SEC.

Ripple is actually in a four-year lawsuit with the SEC. The SEC believes that the XRP token, issued by Ripple, is a security. Ripple claims it may alter its situation with the new Congress.

Garlinghouse also explains how things are getting tough for crypto projects. On top of this, he talks about enforcement actions that are going to make so many businesses leave the United States.

The cryptocurrency industry has made a massive investment in the 2024 elections, sponsoring more than 200 pro-crypto lawmakers through lobbies such as Stand With Crypto.

Congress now includes many members who support innovation and investor protection, with one outspoken advocate, Representative French Hill. He has already announced that in the new session, he would pay attention to laws like the FIT21 Act and rules for stablecoins to ensure the industry is governed clearly.

Garlinghouse pushes for clear U.S. crypto policies

Garlinghouse noticed that both sides support cryptocurrency, but he pointed out that the rules from the Biden administration had made many people in the industry feel unwelcome.

He criticized actions like “Operation Chokepoint 2.0,” which made banks less willing to work with crypto companies, creating more challenges for businesses in the United States. Still, he expressed hope that the new Congress will offer the industry a fresh start and a better place to grow.

The new Congress will arrive at a time when China is going to spread its technology to developing markets, which increases the chances of entering those markets for them.

According to Garlinghouse, the U.S. needs to move fast but smartly, not to engage in a battle. He says there needs to be clear policies that can make it easier for the U.S. to stay on top of the crypto and blockchain movement.

This is the outset of a new age in cryptocurrency. With a new Congress and with expected staff changes at the SEC, many are expecting America to once again take the lead on crypto innovation.

It is one of those moments in time that affords someone like Garlinghouse, as well as others of his contemporaries, a singular opportunity to drive for clarity in regulations, greater innovation, and for America to continue to be at the forefront.