Ripple CEO: 'High likelihood the CLARITY Act will pass by late April'

Uk Jin

Summary

Brad Garlinghouse, CEO of Ripple, said he sees an 80% chance that the CLARITY Act will pass by the end of April.
The CLARITY Act is expected to clarify the legal status of crypto assets and bring new business models to the industry.
Discussion has remained deadlocked as Coinbase, the largest U.S. crypto exchange, opposes a provision limiting interest payments on stablecoins.

*Brad Garlinghouse, CEO of Ripple / Photo=Capture from DC FinTech Week livestream video*

The market structure bill known as the 'CLARITY Act,' widely viewed as one of the most important catalysts for the crypto-asset (cryptocurrency) market, may be passed sooner than expected, according to a recent view.

According to U.Today on the 17th (Korea time), Brad Garlinghouse, CEO of Ripple, said, "I see an 80% chance that the CLARITY Act will pass by the end of April," adding, "Rather than waiting for an ideal bill, it is preferable to accept a compromise."

The CLARITY Act is expected to bring new business models to the crypto industry by clarifying the legal status of crypto assets. However, disagreements among policymakers surfaced at the Senate Banking Committee in January, and discussions have remained deadlocked to date.

In particular, tensions appear to have intensified as Coinbase, the largest crypto exchange in the U.S., opposed a provision that limits interest payments on stablecoins (crypto assets pegged to the value of fiat currency).

Garlinghouse stressed, "It’s not perfect, but clarity is better than confusion," adding, "We shouldn’t pursue perfection to the point that it blocks progress." Citing Ripple’s experience in a legal dispute with the U.S. Securities and Exchange Commission (SEC), he said, "Regulatory clarity for the industry as a whole is still needed."