U.S. Senate Invites Ripple CEO to Testify on Crypto Policy — Key Moment for XRP

• Ripple CEO Brad Garlinghouse is set to speak before the U.S. Senate Banking Committee on July 9, where he’ll weigh in on proposed crypto legislation.
• Other voices will join him in the space, like Summer Mersinger of the Blockchain Association, Jonathan Levin from Chainalysis, and Dan Robinson.

Brad Garlinghouse, the CEO of Ripple, has been invited to testify before the U.S. Senate Banking Committee on July 9, in what’s shaping up to be a major moment for the industry.

The hearing, titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets,” will bring together high-profile voices from the sector, including leaders from the Blockchain Association, Chainalysis, and Paradigm.

The session will be held under the guidance of Senator Tim Scott, with Subcommittee leadership from Senator Cynthia Lummis and Representative Ruben Gallego.

Garlinghouse confirmed his participation in X, writing,

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 hearing marks a juncture in the battle to define crypto’s future in the U.S. Lawmakers will debate pivotal bills like the Generating Enhanced National Innovation & Understanding of Stablecoins (GENIUS ACT), which was sponsored by Senator Cynthia Lummis & Senator Kirsten Gillibrand.

As CNF has reported before, the GENIUS ACT requires 100% reserve backing for stablecoin issuers like cash or short-term U.S. Treasuries. Also, it will allow stablecoin issuers to register federally or at the state level, depending on the scope of their operations.

The other legislation that is in discussion is the CLARITY Act, short for Cryptocurrency Legal Adjustment for Regulatory Transparency & Integrity. The CLARITY ACT, backed by Senators Patrick McHenry and French Hill, plans to end the debate over whether crypto tokens are securities or commodities by defining clear legal categories and outlining who regulates what.

The ACT will provide the CFTC with jurisdiction over certified tokens, while the Securities and Exchange Commission (SEC) retains oversight of tokens deemed securities. On top of this, it proposes a safe harbor period of up to 3 years for new token projects to decentralize before facing SEC enforcement.

Beyond Litigation

Ripple has been steadily working to cement its legitimacy in the U.S. financial system. As part of that effort, the company recently applied for a national bank charter with the Office of the Comptroller of the Currency and is also seeking a master account with the Federal Reserve, moves that could make Ripple the first crypto-native firm to offer FDIC-insured services.

Combined with Brad Garlinghouse’s upcoming testimony before the Senate, it’s clear Ripple is aiming to place itself at the center of U.S. financial regulation.

Garlinghouse’s testimony is anticipated to emphasize the urgent need for a consistent, clear framework, especially for Ripple’s XRP, which has been mired in regulatory ambiguity for years.

The company has faced a lengthy legal battle with the SEC since December 2020, as well as a past settlement with FinCEN, and mixed signals from U.S. agencies, all of which underscore the need for clear and consistent crypto laws.

Garlinghouse’s appearance before lawmakers could help bring that clarity, potentially shifting the conversation not just for Ripple and XRP, but for the broader crypto industry.

Meanwhile, XRP has seen a modest bump in price, up 0.26% today and over 2.4% in the past week. Many in the XRP and crypto community remain optimistic, with investors eyeing a breakout toward the $2.50 mark if momentum continues.