Brad Garlinghouse, CEO of Ripple Labs, recently addressed the cryptocurrency community, commending the positive impacts of recent pro-crypto legal developments in the United States. In a statement shared via social media, Garlinghouse highlighted a noteworthy finding from the Consumer Price Index (CPI) report.
According to the latest CPI data, there has been a 3.5% decrease in the financial service fees that U.S. consumers face. Garlinghouse posits that this decline may be partially attributable to the government”s supportive stance on cryptocurrency. He noted this significant information was somewhat obscured in the print edition of the Wall Street Journal.
The CEO emphasized, “While a little buried, the latest CPI data shows a 3.5% reduction in financial services costs for consumers… dare I say that this could be in part because of the Administration”s pro-crypto policies?” This statement reflects his optimism about the influence of regulatory changes on the financial landscape.
Last year marked a pivotal moment for cryptocurrency regulation, with initiatives such as an executive order signed by President Trump that aimed to establish a National Bitcoin Reserve and a crypto stockpile that included various altcoins. Additionally, the U.S. Congress has made strides in approving legal frameworks for stablecoins and continues to discuss comprehensive regulations for the crypto market.
In a separate tweet, Garlinghouse expressed his enthusiasm for a legal proposal regarding cryptocurrency structures introduced by Senator Tim Scott. He characterized this proposal as a “massive step forward” that is long overdue. The CEO believes it could create “workable frameworks for crypto” while ensuring consumer protection.
Referencing Ripple”s own experiences with legal clarity, he stated, “clarity beats chaos.” Garlinghouse is confident that if the proposed legislation is enacted, it would signify a significant advancement for the cryptocurrency industry. He remarked that the industry is “at the table” and looks forward to engaging in substantive discussions to resolve any obstacles during the legislative process.
In other developments, Ripple has successfully attained its second regulatory license within the European Union, receiving preliminary approval for an Electronic Money Institution (EMI) license from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
