CEO Ripple, Brad Garlinghouse, called the 119th Congress of the United States a significant milestone for cryptocurrency, seeing it as the most pro-crypto legislative body in U.S. history.
This optimism reflects a growing belief in the industry that significant regulatory progress may be just around the corner for this emerging sector.
Pro-crypto Congress stimulates innovation in Blockchain
On January 3, Garlinghouse shared his excitement about the new congressional term, highlighting the energy surrounding this important transition. His remarks reflect the burgeoning pro-crypto movement, driven by wins in recent elections.
"Today, in the United States, we welcome the 119th Congress — known as the most pro-crypto Congress in history. The journey has just begun, but the energy and excitement that has spread throughout the industry cannot be denied. Let's work together," Garlinghouse stated.
The pro-crypto advocacy group Stand With Crypto also expressed optimism, congratulating the election of 298 pro-crypto lawmakers from both parties. This diverse coalition includes first-time representatives and veteran policymakers committed to promoting blockchain innovation.
"SWC welcomes the 119th Congress: The most pro-crypto Congress in history. We look forward to a productive year with 298 pro-crypto lawmakers who took their oaths of office today. A bright future!" Stand With Crypto wrote on X.
The increase in pro-crypto lawmakers is partly due to significant support from the industry. During the election cycle, Political Action Committees (PACs) like Fairshake raised over $200 million to support candidates with pro-innovation policies. Major contributors include Coinbase, Ripple, and Jump Crypto, along with prominent investors like Andreessen Horowitz.
The unprecedented collaboration between the cryptocurrency industry and lawmakers has sparked optimism about regulatory clarity.
Many stakeholders in the industry believe that the new Congress could undertake important initiatives such as the Financial Innovation and Technology for the 21st Century Act (FIT21). Additionally, there is hope for support for Senator Cynthia Lummis's proposal to establish a Strategic Bitcoin Reserve Fund.
Additionally, the cryptocurrency community hopes that this Congress will challenge excessive intervention policies from regulators such as the Securities and Exchange Commission (SEC), whose previous actions have hindered innovation. Many cryptocurrency companies, including Coinbase and the Blockchain Association, have expressed a willingness to work with lawmakers to build balanced frameworks.
The broad support from pro-crypto lawmakers signals a turning point in efforts towards clear and supportive regulations, paving the way for the U.S. to strengthen its position as a pioneer in blockchain and cryptocurrency innovation.