Ripple CEO Brad Garlinghouse will testify before the U.S. Senate Banking Committee tomorrow regarding two pivotal cryptocurrency regulatory proposals: the GENIUS Stablecoin Act and the CLARITY Market Structure Act. The hearing, titled ‘From Wall Street to Web3’, aims to redefine oversight boundaries between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) while reducing regulatory ambiguity for digital assets.
The GENIUS Act proposes specific frameworks for stablecoin issuance and reserves, while the CLARITY Act seeks to establish formal market structure definitions for cryptocurrencies. Both bills intend to clarify jurisdictional responsibilities and foster industry growth.
This congressional review occurs against the backdrop of Bitcoin’s dominant market position, currently commanding a $2.17 trillion capitalization and 64.4% market share. Historical regulatory actions have significantly impacted crypto markets, notably the SEC’s 2021 lawsuit against Ripple Labs that triggered exchange delistings of XRP.
Industry stakeholders express cautious optimism about the hearing, with Garlinghouse publicly advocating for balanced regulations that simultaneously encourage innovation and implement robust consumer safeguards.