At Consensus 2026 in Miami Beach, FL, Brad Garlinghouse, the CEO of Ripple, has been observing the U.S. Senate’s developments concerning a crypto market structure bill. He remarked that although progress is being made, it’s not yet finalized and the forthcoming fortnight could be decisive for its success.
“If it doesn’t happen then, I think the likelihood is going to drop precipitously,” Garlinghouse stated on Tuesday. However, he remains optimistic about the upcoming scheduling of a crucial Senate Banking Committee hearing intended to “mark up” the bill and progress it further.
Senators leading the negotiations over the Digital Asset Market Clarity Act disclosed last week an updated compromise concerning stablecoin yield — a significant point of contention expected to facilitate the banking panel’s ability to schedule this hearing.
Garlinghouse acknowledged imperfections in the compromise, stating, “There are tradeoffs and compromises, but I do think clarity is better than chaos.” The compromise seeks equilibrium by allowing crypto firms certain rewards programs while avoiding yield-bearing stablecoin accounts that mimic traditional interest-bearing bank deposits used for U.S. lending. While crypto insiders largely support it, a banking coalition this week criticized the agreement as insufficient.
Garlinghouse emphasized the Clarity Act’s significance in cementing crypto-friendly policies established by SEC Chairman Paul Atkins, who succeeded a predecessor opposed to crypto. Without legal backing, future SEC leadership could reverse these policies.
“There will be another Paul Atkins after Paul whom we don’t know where they stand on this issue,” Garlinghouse noted. “Codifying it into law ensures permanence regardless of future leadership changes.” Additionally, at Consensus, he projected that the stablecoin market could expand to $3 trillion by 2031. Ripple Labs introduced its own stablecoin, RLUSD$1.0017, in 2024, with the current market size around $320 billion, led by Tether’s USDT.