Ripple CEO Brad Garlinghouse expects 2023 to see a "breakthrough" in regulatory clarity for the US crypto industry.

Sharing his thoughts at the start of the 118th Congress, Garlinghouse tweeted that he was "cautiously optimistic" because support for the regulation was "bipartisan and bicameral".

He cited the names of prominent politicians who have publicly supported blockchain and recognized the need for clarity.

Garlinghouse believes that while no bill is perfect or can please everyone, he has recognized the importance of past bills to address issues related to the financial industry. digital product.

According to the Ripple CEO, these proposals provide more than a starting point for this new Congressional debate.

Next, he pointed out how the United States lags behind Singapore, the European Union, Brazil, and Japan when it comes to crypto laws and regulations. He stated that the lack of concerted effort to establish both international and US regulatory frameworks "continues to push companies into countries [with] lower regulatory barriers", with "sometimes results". very catastrophic," such as the collapse of FTX, based in the Bahamas.

In addition to being known as a fintech powerhouse, Garlinghouse's Ripple also operates the global payments network RippleNet and the XRP cryptocurrency.

Meanwhile, the crypto community is expecting a positive verdict in the Securities and Exchange Commission [SEC] lawsuit against Ripple, which has entered its third year.

Ripples v. MONDAY. is one of the most watched cases in the cryptocurrency industry. Essentially, the SEC claims that Ripple has raised over $1.3 billion by selling unregistered securities as XRP currency.

Ripple community in favor of settlement
Since both sides have made their final arguments, the community is currently awaiting a verdict date. An investigation into the possible outcome of the cases was conducted by XRP advocate John Deaton prior to the ruling. In a poll conducted on December 28 and received nearly 18,000 responses, 59.2% of participants thought the dispute would be resolved amicably, while 40.8% wanted a ruling. of the jury.

However, Deaton voted in favor of the minority opinion, suggesting the trial would continue.

It is uncertain when the case will be resolved. If Ripple v. The SEC failed to reach an out-of-court settlement by March 31, according to attorney James K. Filan, who is monitoring the case, will make a decision.