Ripple CEO Calls for Redesign of Digital Asset Regulations

Brad Garlinghouse, CEO of Ripple Labs, urged the creation of a clear regulatory environment for the digital asset industry during the first meeting of the CFTC Innovation Advisory Committee. He pointed out that the current regulatory framework is inadequate for consumer protection and innovation, emphasizing the need to redesign rules that were established in the past. The meeting, held on August 20 in Washington, was attended by executives from major digital asset companies such as Ripple, Coinbase, and Gemini, as well as representatives from traditional financial institutions. CEO Garlinghouse revealed that Ripple has spent approximately $150 million on external legal advisory fees in its legal dispute with the SEC. He added that due to regulatory uncertainty, 80% of Ripple's hiring has taken place outside the United States. The CFTC chair stated that if Congress delays the passage of the 'Digital Asset Market Clarity Act,' the CFTC will establish its own regulatory framework. CEO Garlinghouse's participation is seen as part of efforts to strengthen cooperation between regulators and the digital asset industry, and this meeting is expected to be a significant turning point in enhancing regulatory clarity in the digital asset market.

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