U.S. crypto regulation is accelerating as Ripple’s top executive joins a pivotal Senate hearing that could redefine oversight, innovation, and investor protection across digital markets.
Ripple CEO to Testify in Senate Crypto Hearing Amid Push for Regulatory Overhaul
Momentum is building in Washington as lawmakers and industry leaders converge to shape the future of U.S. crypto regulation. Ripple CEO Brad Garlinghouse announced on social media platform X that he will testify before the U.S. Senate Banking Committee on Wednesday, July 9, during a hearing titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets.” The hearing will be webcast live. Garlinghouse will appear alongside Summer Mersinger of the Blockchain Association, Jonathan Levin of Chainalysis, and Dan Robinson of Paradigm. The committee noted additional witnesses may still be added. Garlinghouse stated:
I am honored to be invited to testify in front of the Senate Banking Committee this Wednesday on the need for passing crypto market structure legislation.
This session is part of a wider legislative effort led by Senators Tim Scott, Cynthia Lummis, and Ruben Gallego, who oversee the Senate Subcommittee for Digital Assets. Their push includes proposals like the GENIUS Act—targeting stablecoin oversight—and the CLARITY Act, which would delineate authority between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The GENIUS Act has passed the Senate, while the CLARITY Act remains in committee consideration. These measures aim to modernize digital asset regulation, an issue long marked by fragmented policy.
Garlinghouse further emphasized:
Constructive crypto market structure legislation in the US is imperative in bringing about a new era of innovation and financial opportunity, while protecting consumers.
The hearing follows a notable shift in the SEC’s posture toward digital assets. After years of enforcement-heavy actions, the agency has recently taken steps indicating a more collaborative stance with the industry. This includes increased dialogue with stakeholders and a recognition of the need for tailored regulatory frameworks.
Adding to the backdrop is Ripple’s own legal milestone. The company recently announced the withdrawal of its cross-appeal in the long-standing lawsuit with the SEC, signaling the end of a nearly five-year legal battle over the classification of XRP. The SEC is expected to follow suit by dropping its own appeal, as previously indicated. This development comes after U.S. District Judge Analisa Torres denied a joint motion to reduce Ripple’s $125 million penalty and dissolve a permanent injunction.
Source: Bitcoin
