Miami Beach, FL – Ripple CEO Brad Garlinghouse has closely followed the US Senate’s progress on the crypto market structure bill and said it is not a “done deal” as the next two weeks may be pivotal to the legislation’s chances.
“If that doesn’t happen then, I think the probability will drop precipitously,” Garlinghouse said Tuesday at Consensus 2026 in Miami. But he said he still thinks it’s likely to happen, and the next moment will be scheduling the long-awaited Senate Banking Committee hearing to “mark up” the bill and advance it to the next stage.
Senators at the center of negotiations over the Digital Asset Market Clarity Act last week unveiled the latest compromise language on a major sticking point — stablecoin performance — that is expected to allow the banking panel to schedule the hearing.
“Do I think it’s perfect? Hell no,” Garlinghouse said. “There are trade-offs and compromises, but I think clarity is better than chaos.”
The stablecoin commitment aims for a balance that allows cryptocurrency companies to implement certain rewards programs without offering stablecoin accounts that generate returns that resemble the interest-bearing bank deposits that fuel American loans. Crypto experts have generally agreed that it is acceptable, but a coalition of banking groups said this week that the agreement “falls short.”
Ripple’s CEO said the importance of the Clarity Act lies in continuing support for pro-cryptocurrency policies already established at the U.S. Securities and Exchange Commission by Chairman Paul Atkins, who replaced a crypto-resistance predecessor, Gary Gensler. Without a law, Atkins’ successor can simply change those policies.
“There will be another Paul Atkins after Paul and we don’t know which side of this argument they’re going to fall on,” Garlinghouse said. “Hopefully the trend line has advanced enough that it won’t go back no matter what, but codified in law it means you can’t go back.”
Also on Consensus, Garlinghouse predicted that the stablecoin market will reach $3 trillion by 2031. Ripple Labs launched its own stablecoin. in 2024. The current market is around $320 billion, led by Tether’s USDT.
