Ripple CEO Brad Garlinghouse has expressed strong support for the newly passed stablecoin bill, calling the moment “truly historic.” His reaction follows the Senate’s approval of the GENIUS Act, which sets a federal standard for stablecoin issuance and oversight.
Garlinghouse says that the move represents the first meaningful financial law since the Dodd-Frank Act. He emphasized that the crypto industry has long hoped to receive a legislation statement explaining the act as a much-required solution to the industry’s needs.
The legislation on the stablecoin passed the Senate with 68-30 votes. Eighteen Democrats reached across party lines and joined Republicans in defeat of the measure. Their support was felt following the earlier reliability issues on implementation and regulation control.
In addition to establishing a coherent framework, the GENIUS Act limits the issuance of stablecoins to authorized users like banks. It also requires major issuers to report monthly reserves as well as annual independent audits. These demands are trying to optimize transparency officers and enhance consumer protection.
In addition, the laws have been made to encourage innovation and, at the same time, safeguard U.S. money. Among those who support the bill, lawmakers believe that it will help the role of the dollar in world finance and also curb the illegal use of money associated with unregulated assets.
Garlinghouse highlighted the larger implications of crypto adoption in the United States. According to him, the structure of the bill brings the much-needed solutions to provide clarity and a direction toward legal compliance in the industry.
Bill Signals Legislative Shift as House Review Approaches
After Senate approval was granted, the GENIUS Act found its way into the House of Representatives. The decision would also be influential on regulatory policy on digital currencies and how stablecoin projects will move forward in terms of their operation structure.
The comments by Garlinghouse emphasize that the bill can not only help Ripple grow its broader ecosystem but also allow for the initiation of a new era of discussion between regulatory authorities and crypto companies. He cited the years of tangled progress and lost leadership to blame much of the delay in responsible innovation.
This bill is becoming one of the relevant paths to be followed by industry members due to the continued opposition of President Donald Trump to central bank digital currencies. It might allow the emergence of compliant, dollar-based stablecoins that have their place in the financial system without necessarily competing with government-issued digital assets.
Conclusion
The GENIUS Act represents a turning point in U.S. crypto regulation, bringing long-sought structure to the fast-growing stablecoin space. Garlinghouse’s response signals cautious optimism across the industry as the legislation progresses toward final approval.
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