Ripple CEO Brad Garlinghouse is set to introduce XRP to the U.S. Senate later today, highlighting the token’s technical strength and utility.
Garlinghouse took to X yesterday to share a PDF link to his prepared remarks for the upcoming Senate hearing on the crypto market structure. The Ripple CEO’s testimony revolves around the topic of “Building Tomorrow’s Digital Asset Markets.”
His remarks began with greetings to members of the Senate Committee on Banking, Housing, and Urban Affairs. He highlighted the company’s global footprint, as well as its role in facilitating cross-border payments on behalf of financial institutions, including banks.
Garlinghouse Formally Introduces XRP to Senate
Interestingly, Garlinghouse highlights how Ripple utilizes the XRP Ledger (XRPL) and its native token, XRP, to facilitate cross-border payments. This statement aims to enlighten the U.S. Senate that XRP has real-world utility, particularly in the global payments sector.
Moreover, the Ripple CEO highlighted XRP’s core attributes, emphasizing that the coin is designed to enable highly scalable, low-cost, and fast transactions. This description positions XRP as a relevant asset in cross-border payments.
Notably, Garlinghouse cleverly framed XRP and its underlying technology as the engine behind the software products that Ripple builds to power not only cross-border payments but digital custody and stablecoins.
Furthermore, he stated that Ripple deliberately works with regulators and policymakers, adding that the company operates with over 60 payments, money transmitters, and crypto licenses globally, including within the U.S.
Ripple’s compliance-first approach serves as a reassurance to Congress that the company is focused on complying with the law.
XRP Regulatory Clarity
Furthermore, Garlinghouse recounted how the SEC initiated an enforcement action against Ripple in 2020. According to him, Ripple was the first leading crypto company that the SEC sued in the United States. Meanwhile, he noted that Ripple had successfully fought the SEC in court and ultimately prevailed.
Garlinghouse noted that the court ruled in Ripple’s favor on everything that mattered, including finding that XRP is not a security in itself. He stated that the legal victory cleared the pathway for other crypto-related companies to fight back, with some leveraging the XRP ruling as a defense in their cases.
Notably, Garlinghouse’s testimony is part of an upcoming hearing on market structure legislation for digital assets. The proposed bill aims to provide clarity for digital assets by specifying when a token will be regulated as a security or commodity.
“I urge you to prioritize the passage of market structure legislation for digital assets through this Committee and the full Senate to provide the rules and regulations needed to ensure that the U.S. becomes the crypto capital of the world,” Garlinghouse stated in his prepared remarks.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
