Ripple CEO Weighs In On Crypto Bill: 'We're So Close We Can't Give Up Now'

Core Viewpoint - Ripple CEO Brad Garlinghouse emphasizes the importance of the CLARITY Act, stating that the industry is close to achieving meaningful regulation despite the recent withdrawal of support from Coinbase [1][3]. Group 1: Garlinghouse's Defense of the Bill - Garlinghouse describes the CLARITY Act as a "massive step forward" for regulatory clarity, arguing that even flawed legislation is better than the current chaotic environment [2]. - He believes that "perfection is the enemy of good," suggesting that the bill can be refined over time to provide necessary legal clarity [2]. Group 2: Industry Reactions - Coinbase CEO Brian Armstrong recently withdrew support for the bill, expressing concerns that it could worsen the regulatory landscape [4]. - Cardano founder Charles Hoskinson criticized the bill for potentially giving excessive control to the SEC, directly challenging Garlinghouse's optimistic view [4]. Group 3: Future Implications - The White House has indicated it may withdraw support for the CLARITY Act if there is no major industry consensus, highlighting ongoing friction over stablecoin yields and market structure rules [5]. - Garlinghouse argues that incremental progress through the bill is preferable to waiting for perfect legislation, reflecting Ripple's experiences with the SEC lawsuit [6]. - The future of the bill may be uncertain if major players like Coinbase and Cardano continue to oppose it, potentially lacking the necessary industry backing to move forward [7].