Ripple CEO Brad Garlinghouse praised both Democrat and Republican politicians on Saturday for their efforts to achieve comprehensive crypto regulation in the United States.
Garlinghouse’s remarks were in response to a recent bipartisan campaign to shift cryptocurrency regulation to the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC) (SEC).
The Digital Commodity Exchange Act (DECA) proposes to define cryptocurrency as a digital commodity rather than a securities. The nature of cryptocurrency has been a source of contention, and it is the central subject of a nearly two-year court struggle between Ripple and the SEC.
Given the harsh rhetoric between his business and the SEC, the Ripple CEO’s views should come as no surprise. The CEO has regularly chastised the SEC for impeding progress toward US crypto legislation, as well as accusing the agency of hypocrisy in its methods.
A bipartisan leadership approach by Congress on regulatory clarity for bitcoin is EXACTLY what we need.
On Saturday, Garlinghouse tweeted
The impending DECA law has the support of both Democratic and Republican Representatives, making it one of the few times when both parties can set aside their differences and work together on legislation.
The move is also consistent with the decentralized structure of cryptocurrency, which is excellent for being placed above politicians.
The proposed law is sponsored by numerous legislators, including Tom Emmer and Darren Soto, who are already supporters of crypto legislation in the United States.
The law proposes that cryptocurrency exchanges register with the CFTC, which will also monitor the space’s spot and futures markets.
For digital commodities markets to encourage innovation and consumer safety, regulatory certainty is important… DECA will give all participants in digital commodities markets with the appropriate consumer safeguards, competent federal monitoring, and regulatory certainty.
The bill comes in the midst of mounting criticism of the SEC’s handling of cryptocurrency legislation. Critics contend that by stalling regulation, the government risks lagging behind other nations in accepting the expanding asset class.