The 119th US Congress is being hailed as the most pro-Crypto Congress in history, according to Ripple CEO Brad Garlinghouse. In a recent tweet, Garlinghouse expressed his optimism about the current state of Congress and hinted at the possibility of pro-Crypto rules being passed by this legislative body.
The US Congress, as a key part of the US Government, is responsible for creating new laws and regulations. With a growing number of congressmen and congresswomen showing support for cryptocurrencies, the crypto sector is poised for significant growth and development.
Garlinghouse’s comments come as a stark contrast to his previous advice to crypto entrepreneurs to avoid starting their businesses in the US due to a hostile regulatory environment. Instead, he recommended establishing startups in countries like Singapore, the United Kingdom, the UAE, and Switzerland. However, his recent endorsement of the US jurisdiction as a favorable environment for crypto businesses suggests a significant shift in his perspective.
The impact of the pro-Crypto stance of the 119th Congress is expected to be further amplified under the presidency of Donald Trump. With both the legislative and executive branches showing support for the crypto sector, the environment for crypto-friendly laws and regulations is becoming increasingly favorable.
In conclusion, the growing support for cryptocurrencies within the US Congress and the executive branch signifies a potential turning point for the crypto sector. With the right regulatory framework in place, entrepreneurs and businesses in the crypto space can look forward to a more conducive environment for growth and innovation.