Ripple CEO Brad Garlinghouse has reaffirmed his support for the CLARITY Act despite concerns over some provisions in the crypto bill. His remarks amid White House crypto czar David Sacks’ statement about how banks could come into crypto once this crypto bill passes.
Ripple CEO Backs CLARITY Act
In an X post, Ripple CEO Brad Garlinghouse said the CLARITY Act should move forward without chasing perfection. The industry needs clarity, not confusion, and a pragmatic regime would enable innovation to spread through the digital asset space, he said.
As CoinGape reported ealier, that the White House is pushing the crypto bill, according to Patrick Witt, executive director of the President’s Council of Advisors on Digital Assets. Witt stated that one must make concessions to achieve progress and hinted that this is the best time for a crypto bill to pass under a crypto-friendly administration.
Garlinghouse also shared bullish expectations for the broader market during a CNBC interview. He said cryptocurrency markets will reach all-time highs this year. He added that he would go on record with that forecast.
A different perspective was highlighted by analyst unknowDLT. The analyst said that even though Garlinghouse does not want to say it, the CLARITY Act will not affect XRP at all. That view added to the debate over whether market structure legislation impacts all tokens equally.
David Sacks Predicts Banks’ Entry into Crypto
David Sacks also discussed regulatory progress in a CNBC interview. He said once market structure legislation passes, banks will move fully into crypto. He predicted that banking and crypto will not remain separate sectors and will instead become one digital assets industry.
According to Sacks, the same regulation should apply to everyone who has the same product. He also added that banks’ views will change over time, and he even says that banks will one day agree to pay yield since they will be in the stablecoin business.
Sacks explained that he favors a compromise to ensure the market structure bill reaches the president’s desk. As CoinGape reported today, Trump said during his Davos speech that he hopes to sign the CLARITY Act soon.
Meanwhile, the White crypto czar pointed to the stablecoin bill as an example. He noted that it failed several times before lawmakers passed it and the president signed it into law.
Yield was also addressed directly in the discussion. Sacks said yield is already a feature of the GENIUS Act that passed and became law in August. He said if the market structure bill dies, there will still be a form of stablecoin rewards. The GENIUS Act prohibits stablecoin issuers from distributing yields, but this doesn’t apply to third-party crypto service providers.
Sacks considered the concerns of the banking industry. He claimed that, in the case of a no-deal, the banks will incur a loss on the yield issue. He encouraged crypto circles to look at the bigger picture and indicated that clarity in market structure is more important than any particular policy item.
Source: https://coingape.com/ripple-ceo-reiterates-clarity-act-support-as-sacks-signals-progress/
