Recently, Ripple CEO Brad Garlinghouse made a loud statement: the 119th US Congress will be the most "pro-crypto" in history. This gives hope for improved regulation and support for blockchain innovation in the country. Let's look at why this is so important for the crypto industry.
What is special about the new Congress?
According to Garlinghouse, the key factor is a change in policy. After six years of Democratic leadership, Republicans are back in control of Congress. This is an important moment for the cryptocurrency industry, which has suffered from excessive regulatory pressure in recent years, especially from the Securities and Exchange Commission (SEC).
Ripple has been fighting the SEC in court for more than four years, defending its XRP token from accusations that it is allegedly a security. The new composition of the Congress may weaken the strict SEC policy and help the company to get out of this conflict with fewer losses.
Why is the crypto industry Optimistic?
Support for innovation.
There are many lawmakers working in Congress who openly support cryptocurrencies. For example, representative French Hill stated that he would promote laws such as the FIT21 Law aimed at regulating stablecoins and other initiatives for clear rules of the game.
The influence of crypto companies.
The cryptocurrency industry actively participated in the 2024 elections, sponsoring more than 200 lawmakers through lobbying organizations such as Stand With Crypto. This shows that the crypto industry has a significant influence on decision-making.
A chance for change.
The change of leadership at the SEC, which experts are already talking about, may be a key moment to improve the situation.
Problems that need to be solved
Despite his optimism, Garlinghouse stresses that the industry is facing serious challenges.:
Companies leaving the USA.
Due to strict regulations, many crypto companies prefer to develop outside the country, where conditions are more favorable.
Difficulties with banking services.
The policy, known as Operation Crossroads 2.0, has made it difficult for crypto companies to access banking services, which has become a major barrier to business.
What should the United States do?
Garlinghouse believes that America must act quickly but deliberately. While China is actively expanding its technology in emerging markets, the United States risks losing its leadership in this area.
To do this, it is necessary:
Introduce a clear and balanced regulatory policy.
Eliminate business obstacles.
Support innovation, not suppress it.
"It's important not just to catch up with the competition, but to stay ahead," says Garlinghouse.
The new Congress is a new stage for cryptocurrencies
. The 119th Congress may be an important step for the entire industry. If the United States can establish clear and fair regulation, it will open up new opportunities for businesses, investors, and technology.
According to Garlinghouse, America now has a unique chance to strengthen its leadership in the cryptocurrency sphere. And this chance should not be missed.
If you are interested in the future of cryptocurrencies, this is the moment when you can expect real changes.
