Ripple CEO Brad Garlinghouse stated that the crypto industry can continue expanding even if the US Congress does not advance the CLARITY Act. He added that the technological progress could support wider digital asset adoption beyond the outcome of a single piece of legislation.
Garlinghouse made the comments during a discussion on digital assets at an Economic Club of Kansas City event on September 15. The session covered global payments, digital asset adoption and developments in digital finance.
Garlinghouse previously supported federal legislation that would establish clearer rules for the US crypto market. His latest comments came after the CLARITY Act failed to move forward in a Senate procedural vote.
“When you have a technology that's better, faster, stronger… that usually wins,” Garlinghouse said, according to comments reported by Nate Geraci from the Kansas City digital asset conference.
Garlinghouse also questioned whether the US should give other countries an advantage in the digital asset sector. He pointed out that several G20 countries already have crypto regulations in place.
His comments reflect Ripple's view that technology and adoption can develop independently of the progress of a specific US bill. The company continued to call for federal rules covering the crypto market.
Ripple said after the Senate vote that its position on XRP regulation had not changed. The company said it had spent more than USD 150 million on its legal dispute with the US Securities and Exchange Commission.
The Senate vote also coincided with heavy losses across leveraged crypto positions. CoinGlass data showed total crypto liquidations of USD 571 million. This was the highest total recorded since August 22.
Bitcoin and Ether long positions accounted for about USD 190 million each in liquidations. Short positions accounted for around USD 100 million of the total.
The market reaction came as investors assessed the failed procedural vote. Ripple, however, continues to argue that developments in blockchain technology and digital asset adoption extend beyond the fate of the CLARITY Act.
Also Read: Crypto Traders Take a USD 570 Million Hit After US Senate CLARITY Act Vote