Brad Garlinghouse, CEO of Ripple, delivered his testimony this morning before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, firmly stating that “XRP is not in a security.”
The meeting, which is still live at the time of writing, featured Garlinghouse beginning his remarks at the 24:55-minute mark of the session. He used his five-minute statement to outline Ripple’s position, share the company’s experience with U.S. regulators, and advocate for clear legislative frameworks for the digital assets industry.
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Garlinghouse’s Statement: Legal Clarity and Industry Growth
Garlinghouse introduced himself as CEO of Ripple, describing the company’s 900 employees across 15 global offices and its mission to enable the “internet of value,” where money moves as efficiently as information does today. He explained that Ripple’s products support cross-border payments, stablecoins, and digital custody, serving banks and other financial institutions that depend on its technology.
Central to his testimony was the use of the XRP Ledger and XRP as a native digital asset. He emphasized that XRP was designed for fast, low-cost, and scalable transactions, reiterating Ripple’s longstanding choice to cooperate with policymakers and regulators. He pointed out that Ripple holds over 60 payment services, crypto, and money transmitter licenses worldwide.
Garlinghouse stressed the need for legislation rooted in core principles: protecting consumers from fraud, providing proper oversight, deterring bad actors, and fostering innovation. He argued that such a framework would expand access to financial services, create jobs, strengthen the U.S. economy, and position the country as a leader in blockchain and crypto.
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Experience With SEC and Call for Legislative Action
During his remarks, Garlinghouse recalled Ripple’s lengthy legal battle with the U.S. Securities and Exchange Commission. He criticized what he described as a “regulation by enforcement” approach that, in his words, weaponized regulatory uncertainty to target good actors and drive innovation offshore. He noted that after four years of litigation, Ripple prevailed, with the court ruling that “the token XRP is not in and of itself a security.”
He highlighted the harm that unclear regulations have caused to American businesses and consumers and called on Congress to act decisively. Specifically, he urged lawmakers to set jurisdictional boundaries between financial regulators, create pathways for companies to operate in the United States without sacrificing investor and consumer protections, and ensure that the U.S. can compete globally in the crypto space.
Garlinghouse concluded his prepared remarks by underscoring the economic importance of the crypto sector, which involves more than 55 million Americans and represents over $3.3 trillion in market capitalization. He called on the committee and the full Senate to prioritize passing comprehensive market structure legislation for digital assets. According to him, such a step would unlock efficiencies, drive U.S. competitiveness, and benefit both consumers and businesses.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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