-
Ripple CEO predicts new timeline for historic crypto legislation
The era of major U.S. banks sitting on the sidelines of the digital asset market is coming to an end. According to Ripple CEO Brad Garlinghouse, the industry is reaching a critical turning point where traditional financial giants are finally ready to embrace blockchain technology.
Speaking with Fox Business on Friday, March 27, Garlinghouse noted that a significant shift in attitude is happening across Wall Street. He credited leaders like BlackRock CEO Larry Fink for stepping forward and acknowledging the "real technology value" of these systems.
"I'll give Larry Fink and Blackrock credit, he was one of the first really senior well-respected leaders to step forward and say “No, I do see real value in... real technology value to how these technologies can be applied." So we are seeing a shift from JPMorgan. We're seeing people start to be more exploratory,” Brad Garlinghouse said.
This endorsement has encouraged other institutions, including JPMorgan, to become more exploratory regarding digital assets.
The "unlock" for traditional banking
The primary hurdle for banks has been a lack of legal certainty. However, the much-anticipated CLARITY Act aims to provide the permanent framework these institutions need. Garlinghouse explained that codifying these rules into law is the ultimate "unlock" for banks that have been fearful of a "future Gary Gensler" or a return to "lawfare" and aggressive regulation.
While Garlinghouse previously expected the CLARITY Act to be signed by the end of April, he has updated his timeline to the end of May. Despite the delay, he remains optimistic.
Demand for 24/7 stablecoin solutions
This institutional interest is being driven by corporate boards and CFOs who are demanding more efficient ways to move money. Garlinghouse described stablecoins as the "ChatGPT moment" of finance, noting that $33 trillion in stablecoin trades occurred last year. Traditional payment "rails" can take three to five days and carry high friction, while stablecoins allow for settlements in just one minute, any time of day.
Ripple's record-breaking momentum
As these rules take shape, Ripple is seeing its own core business explode. By building the "pipes and plumbing" for this new system, Ripple is positioning itself at the center of a world where value moves as fast as information.
This article has been published in thestreet.com via Yahoo News.
Ripple CEO predicts new timeline for historic crypto legislation
The era of major U.S. banks sitting on the sidelines of the digital asset market is coming to an end. According to Ripple CEO Brad Garlinghouse, the industry is reaching a critical turning point where traditional financial giants are finally ready to embrace blockchain technology. Speaking ...
finance.yahoo.com
