Ripple’s CEO, Brad Garlinghouse, is calling the newly passed GENIUS Act a huge deal for crypto, comparing it to the sweeping changes after the 2008 financial crisis. He sees it as a major step towards clearer rules for digital assets in the US, putting the country ahead in the global fintech race.
Garlinghouse’s Take on the GENIUS Act
The GENIUS Act, which sets up a regulatory framework for stablecoins (cryptocurrencies pegged to the US dollar), passed the House on July 17th. Garlinghouse immediately shared his thoughts on X (formerly Twitter), praising the Act as a “transformational” event. He pointed out that it’s been over 15 years since the US saw such a significant regulatory bill, making this particularly important given the growing global adoption of blockchain and digital assets. He thanked lawmakers from both parties for their work and expressed excitement about the potential impact on stablecoin use and financial inclusion. For companies like Ripple, this could mean a shift from regulatory uncertainty to support.
What the GENIUS Act Means for Ripple’s RLUSD
One crypto analyst on X highlighted how the GENIUS Act benefits Ripple’s stablecoin, RLUSD. Unlike previous attempts at crypto regulation, the GENIUS Act provides a clear, supportive structure for dollar-backed stablecoins. This means RLUSD is well-positioned to take advantage of the Act’s focus on compliance, dollar backing, and interoperability. By tying RLUSD to US Treasuries and giving it legal clarity, the Act could significantly boost its adoption.