Ripple’s CEO brad garlinghouseGarlinghouse said in a Twitter thread dated Jan. 3 that he has cautious hopes that the United States will achieve a breakthrough in regulatory clarity for the cryptocurrency business by 2023. To mark the first day of the 118th Congress, Garlinghouse said his hope that 2023 will be remembered as the year the United States gained regulatory clarity for cryptocurrencies. He added that support for the regulation is found across the political spectrum and in both houses of Congress.

According to Garlinghouse, the United States is not starting the regulatory process with a clean sheet of paper. As evidence, he cited many laws, including the Securities Clarity Act, the Responsible Financial Innovation Act, and the Digital Token Clarity Act.

Ripple’s CEO believes the stakes couldn’t be higher.

Furthermore, he said that there is no such thing as a perfect law, and it is highly unlikely that there will ever be one that satisfies everyone. Attempts to create a perfect bill should not impede the work that Congress is doing in developing cryptography standards and legislation.

According to Garlinghouse’s assessment, the United States lags behind Singapore, the European Union, Brazil, and Japan when it comes to the rules and regulations governing cryptocurrencies.

He stated that the absence of a coordinated effort to implement a regulatory framework both globally and in the United States continues to drive business to the countries. [with] lower regulatory bars, resulting in sometimes catastrophic results, such as the implosion of a Bahamas-based company.

Ripple is a financial technology company that operates the global payments network known as RippleNet in addition to its own cryptocurrency known as XRP. The United States Securities and Exchange Commission (SEC) launched legal action against Ripple in December 2020, saying that the firm had offered XRP in an unregistered capacity as a security product.

Ripple has refuted the charges, stating that the XRP cryptocurrency is not a security, but money.

At the DC Fintech Week conference in October, Garlinghouse told other panelists that he anticipates the lawsuit against the company will be settled in the first half of 2023, but conceded that it was difficult to determine when it would be settled.