Ripple chief executive Brad Garlinghouse is “a little bit skeptical” that landmark crypto legislation will be passed in the US before the presidential election in November.
In a new interview with CNBC, Garlinghouse acknowledges that the Biden Administration has been “softening” its rhetoric against crypto, but he still thinks real regulatory developments probably won’t happen until 2025.
“As we all have seen, the wheels of legislative progress move slowly and carefully. I’m thrilled by the progress that we’ve made, even in the last three weeks, and I think it may have been the most important two or three weeks in the US crypto evolution ever, but I still think getting the legislation passed may require [waiting until] after the election, maybe before the end of the year. More likely the first half of next year.”
Last week, President Joe Biden followed through on a promise to veto a piece of crypto legislation that recently passed the House and Senate.
The bill would have reversed guidance from the U.S. Securities and Exchange Commission (SEC) that says certain companies should label crypto assets as liabilities on their balance sheet, even if the firms are holding the assets on behalf of customers.
The Republican-led legislation passed the House in a 228 to 182 vote, with 21 Democrats voting for it. The bill then passed the Senate 60 to 38, with 11 Democrats joining forces with Republicans.
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