Ripple CEO Brad Garlinghouse has thrown his weight behind Senator Tim Scott’s market structure proposal.Â
He has called it a “massive step forward” for the industry.Â
Garlinghouse’s support is rooted in Ripple’s own scars from years of regulatory ambiguity.
“Ripple (and I) know firsthand that clarity beats chaos, and this bill’s success is crypto’s success,” he said.Â
As reported by U.Today, the bill recently saw a total of 137 amendments, and there are intense debates happening behind closed doors. The Ripple boss has indicated that the company remains “at the table” instead of simply walking away.Â
The Ripple boss is “optimistic that issues can be resolved through the mark-up process.”Â
Garlinghouse praised the bill for finally providing “workable frameworks for crypto, while continuing to protect consumers.”
Markup officially scrappedÂ
The Senate Banking Committee has officially pulled the market structure markup scheduled for tomorrow.Â
The decision to scrap the session follows a public revolt by Coinbase, whose CEO Brian Armstrong.Â
The lawmakers were unwilling to proceed with a bill that had turned toxic in the eleventh hour.
The flurry of amendments failed to bridge the gap between the anti-stablecoin banking lobby and the crypto lobby.Â
Senate staffers will likely retreat to closed-door negotiations.Â