Ripple CEO Brad Garlinghouse holds a cautious view on the possibility of significant crypto legislation being passed in the United States before the upcoming presidential election in November. In a recent interview with CNBC, Garlinghouse acknowledges that the Biden Administration has been adopting a more lenient stance towards cryptocurrencies, but he believes that tangible regulatory advancements are unlikely to occur until 2025.
Garlinghouse acknowledges the slow and meticulous nature of legislative progress, expressing his satisfaction with the progress made in the past three weeks, which he deems to be the most significant period in the evolution of US crypto. However, he still believes that the passage of legislation may require waiting until after the election, possibly before the close of the year, but more likely in the first half of the following year.
Last week, President Joe Biden fulfilled his promise to veto a piece of crypto legislation that had recently been approved by both the House and Senate. This bill aimed to reverse guidance from the US Securities and Exchange Commission (SEC) that mandates certain companies to categorize crypto assets as liabilities on their balance sheets, even if the companies are holding these assets on behalf of their customers.
The legislation, which was led by Republicans, secured a 228 to 182 vote in the House, with 21 Democrats supporting it. It then passed the Senate with a vote of 60 to 38, with 11 Democrats aligning with Republicans.
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